this is interesting, but not unexpected news.
George Huffman bought Davis Sewing Machine in 1888, moved from New York to Dayton Ohio in 1889. the first Davis bicycle came out in 1892.
1895 was the first year the Dayton name was used, and by 1897 Davis was the largest Manufacturer of bicycles in the U.S.
Davis went under in 1922 due to the influx of cheap sewing machines from post WWI europe.
Horace Huffman was in charge of liquidating the assets of Davis. the information has Huffman forming in 1924, and announcing intentions to get back into bicycles in 1928. in the interim Huffman made and sold service station equippment.
the Excelsior angle may simply have been a ploy to help sell the old Davis stuff. Excelsior may have seen it as an opportunity to gain the assets and to keep Huffman out of the game for a while, wile Huffman saw it as a way to strengthen his selling position. remember Davis was building both bicycles and motorcycles almost up to the time of it's demise.
...or something unforeseen happened. keep digging, it's getting interesting!
the first actual Huffman bicycles came out late 1934.