Full disclosure.
I know nothing!
But!
It would seem, that the super righteous King-B headbadge tells its story very clearly.
Since Hibbard Spencer & Bartlett always used the monogram in that order, HS&B based out of Chicago, Illinois.
While the super righteous King-B badge clearly states that it was distributed by,
SBH Co. based out of Columbus, Ohio.
And, since there just happened to be a large hardware distribution company in Columbus, by the name of Smith Brothers, Hardware Company, who as fate would have it, also sold bicycles.
It stands to reason, that the SBH on the super righteous King -B headbadge is the monogram for Smith Brothers Hardware, of Columbus, and not HS&B Hibbard Spencer & Bartlett of Chicago.
Just my two cents.
But hey!
What do I know?