Speedwell bike w/airplane on badge, what year?

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HEMI426

I live for the CABE
My unbelievably lucky friend was just driving home from work yesterday and someone was cleaning out a house and barn, putting all this junk out to the street for free, he stopped and took some bike's and old tin toys. He just called and asked if I had heard of a Speedwell bike w/planes on the badge. I did a Cabe search but didn't find that badge. He's sending me a pic of it later today. I found emblem Speedwell but no planes. What year would have the planes? Thanks if you can help.
 

HEMI426

I live for the CABE
Here's the only pic he sent me.

Resized_51093(1).jpeg
 

WillWork4Parts

Wore out three sets of tires already!
This is a complete guess, but I'd hope for a late 30s to late 40s Schwinn to be attached to that badge. That's what the screw spacing makes me think. Arch of the truss rods look prewar Schwinn to me too, but this is complete speculation with such little info to go on.
 
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