This is a boys Otto circa 1889/90 manufactured by the Western Toy Company of Chicago,Illinois USA. The front wheel is 36 inches in diameter. High wheel bicycles that were made for childern were a bit of a luxury. Not many families could afford them and therefore not many have survived. Childerns bikes tend to get well used and handed down. This Otto is a real survivor and is "as found" having spent the past 50 years hanging from the rafters of a barn here in New England.
The text information is from a Rouse & Hazzard, Peoria Ill., catalog of 1889.