This same question was posed on the Schwinn forum and the following reply was posted by oldalfie:
"That's from the 94th Aero Squadron, Eddie Rickenbacker's outfit in WWI. Same squadron emblem/same sq number in Eighth Air Force in England in WWII and continued well into the late Cold War period as an air defense squadron at Detroit.
My suspicion, and only a guess, is there was some connection - friendship perhaps - between Schwinn and Rickenbacker."
alf