Dating an Early Schwinn Admiral

[bentwoody66]

Arnold, Schwinn & Co. acquired the failed March,Davis company in 1901, and moved their manufacturing from the Lake St. location to the larger March,Davis facility that year.
The big disruption during the merger could explain the lack of production in 1901/02?
Also seems likely that Schwinn acquired a lot of March,Davis stock at that time.
The Admiral badge was a direct hold over from the March,Davis production, so could these bikes with the,(unusual for Schwinn) fork crown and bottom bracket shell, actually be March,Davis built bikes/designs that just came with the merger?
We know that the Admiral nameplate/headbadge did.

You may be on to something????????