I concur with the Hawthorne by H.P. Snyder assessment.
I?ll elaborate as some of this following information may be useful.
In answering the question ?who made this bike?? I try first try to determine which of the bicycle companies actually produced the frame (the heart and soul of the machine). This is because virtually all bicycles were an assembly of parts from several companies, suppliers and distributors. In some cases even the forks were produced by an outside supplier.
The bicycle in the photo has a Moto-Bike style frame which became popular in the early teens and became the dominant standardized design by the 1920?s. As this bike is built around 26? balloon wheels (I generalize these bikes as Moto-Balloons) it can be more closely dated as no earlier than 1933 and not reasonably later than 1937.
Moto-Balloon frames have the fewest styling deviations of any Pre-War balloon class.
Back to our Photograph, the details important to answering the question are the specific details of the frame?s construction, the joints, the tube shapes, the exact shape of the rear drops, the seat binder, the location and style of the serial number, on and on, etc.
Unless the paint and the badge and the components are unquestionably original to the bicycle, they can lead you in false directions.
Many of the above points are hard to determine from the photo, but the salient points I see are first, the general geometry of the frame, and second, the seat binder pinch bolt through the seat stays. In addition the chainring, fork crown, truss-rods, lower truss-rod plate, the fender stay-drop stand bracket combo and the paint pattern taken together all say Hawthorne by Snyder.
In addition, I would expect that the upper fender bridge is curved rather than straight and that the crank hanger has small lugs reinforcing the junctures with the seat and down tubes.
Snyder may have produced more Moto-Balloons than any other manufacturer as they seem to be more common today than any of the other leading maker?s similar models.
Hawthorne was probably the largest single outlet for Snyder production and I believe that all steel Moto-Balloons sold by MW were Snyder built. (Early aluminum Monarks are essentially Moto-Balloons and Cleveland welding entered the picture later and never produced a true Moto-Balloon frame).
Both Iver Johnson and Emblem (Pierce) produced Moto-Balloons but in much smaller numbers.
Iver Johnson perhaps came closer than any other manufacturer to full in-house production and their bikes abound in unique features, most notably their two piece crank and a Packard radiator shaped fork crown.
Emblem Moto-Balloon frames (often? always?) have a fish mouth joint at the ends of the lower top tube and the one I have has chrome plated steel as opposed to stainless steel rain gutter fenders. In addition the fork crown is a two plate affair with built in truss rod supports and the rods form a drooping bow above the supports. Great pictures of an Emblem Piece can be found on Dave Stromberger?s site.
One final semi-related point. Pre-War Cleveland Welding produced Hawthorns also generally use a triple plate crown fork. The CWC Shock master fork was used on both Snyder and CWC frames and I believe, later (still pre-war), the plunger style (Snyder) fork replaced it on all sprung Hawthornes regardless of the frame source.
Lotta text...
Moto-Balloons are an interesting class. If anyone would like to discuss any of these tangents further we could start a fresh thread or two.
Phil