Jeff,
I think that Brian may be onto something. My colleagues and I here at the museum have done some research and our thoughts seem to align. My best guess is a circa. 1895 track racer.
The design of the big ring would be closest to a Pierce from our collection, but it was not a perfect match. These pieces changed quite a bit and companies would buy whatever was priced right on the market, but the bicycle in other ways most resembles a Pierce.
Good find!
Thank you for contacting the Bicycle Museum of America!