I have to concur with Ted's assessment of this bicycle. The hype on the posting is a bit over the top. I have the very same bike in original condition. It is very light with wood rims and petrified tires. The width of the wood rim does not concern me related to a racing bike as bikes of that period did have wide rims and tires compared to later racing bikes. See photos on these links so you can see what I mean.
http://www.thewheelmen.org/
http://www.thewheelmen.org/
http://www.thewheelmen.org/
http://www.thewheelmen.org/
Also the posting fails to say that the handlebar and stem combo is not from that period. I don't believe the saddle is either but it is hard to tell as the photos are very poor. The badge has been buffed to remove the plating so its relative value has been compromised. The seller stated that he has never seen another like it. Probably has not looked hard enough as I see these period Columbias all over the place. Remember Columbia had the market cornered in their hayday so you see more of these then say any of the other smaller manufacturers.
Ray Homiski
Elizabeth, NJ USA