What did I just buy?? Serial added

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Nice find; I'd put the frame around the early-mid 20s. It would have been a 28" wood wheel bicycle originally but somebody later put 26" clincher wheels on it as well as a later 26" Schwinn or Higgins fork. Crank arms appear original, bars likely original, stem may be a few years later. Seat is from late 30s-early 40s.

Despite being cobbled together, it's not like this was cobbled together recently in a collector's hands. It's a bike that looks like it has lived several lives. Revived years later with a few "upgraded" parts here and there when grandpa pulled the ole bike out of the barn so Jimmy could ride it when he comes to visit.

The frame is a bit of a mystery. The exact one just recently showed up on the other bike forum, The Cabe, and a typically surefire bunch, suddenly got quiet and uncertain. To me it resembles a Davis or a Colson built frame. If you can take a picture of the serial under the bottom bracket, I can credit or discredit Davis as a builder, since they had one very unique feature of their serials.
 
These are coming out of the woodwork lately, here is the Colson Silver Ring I picked up today. Looks to be the same frame and I believe my 28" steel wheels to be original to the bike based on others Ive seen. My guess was early 30s but that was ONLY a guess.
-Brian

 
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Really nice. I had a rusty 20's Elgin with 28" wheels. I put 700 wheels and made a nice rider

That's what I did with my Racycle. The overall measurement of my 700x40 wheels is 27 1/2", so it fills up the 28" spot fairly well.

Of course I did have those laced onto older hubs, so it's still a skiptooth.
 

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