Savage Arms did have at least a couple patents dealing with bicycles, one for a shaft drive bicycle
US2378634, and
USD142522 ,but I do not think they ever produced that, or any other bicycle.
There is a bicycle frame that came up for sale recently that was advertised as "RARE ANTIQUE SAVAGE ARMS Co MA CRUISER BICYCLE" (and is currently for sale so I didn't list the link) but Savage Arms had nothing to do with it, that Savage labeled bike was marketed through D. B. Harris and most sources say it was manufactured for them by H. P. Snyder who made bikes under a number of different names including RollFast which I believe used the same frame. Here is a link to another similar Savage bike with the same name plate -
Custom Savage Bicycle Some might recognize the name plate as the same as those pictured in the back of Bailey Browers Pistol book, but I think he no longer thinks Savage Arms had anything to do with those bicycles.
The logo on those name plates was a registered trade mark of D. P. Harris and has no link to Savage Arms -
D. P. Harris Savage trademark Savage is a very common name, for anyone interested here are 495 US registered trademarks the include some form of the word Savage (includes some different spellings) -
Savage trademarks Sorry, that link doesn't work, use this & type Savage in the search field -
http://tmsearch.uspto.gov/bin/gate.exe?f=searchss&state=4809:e2j9zr.1.1 
