Great bicycle. Below is everything I can find about the
Magnet Cycle Company. Looks like it was only in existence 1898-1899. Also found another maker called
Otis Bicycle Company that offered the almost identical 30 incher. And found information about the Ewald eccentric crankset. All of these companies were in Chicago 1898-1900.
Your wheels, seat, handlebar/stem and pedal do not look original but period correct parts can be found here on CABE. It looks like the bearing races are missing from the crankset. Those will be really hard to find. Probably need to find a good machinist to make new parts. Do you see a serial number stamped on the frame anywhere? Are there holes for a name badge?
Magnet Cycle Company
From June 16, 1898 issue of
The Cycle Age & Trade Review:
From October 20, 1898 issue of
The Cycle Age & Trade Review:
From December 15, 1898 issue of
The Wheel:
From January 5, 1899 issue of
The Wheel:
From February 16, 1899 issue of
The Cycle Age & Trade Review:
P. H. Barker Patent referenced in above article:
From September 14, 1899 issue of
The Cycle Age & Trade Review: