Another update. It would appear these steel arrows are from the late 1920’s or early 1930’s and manufactured in Dayton Ohio by the Dayton Steel Racquet Co. (makers of Tennis Racquets)
In 1927, Samuel C. Allen applied for a patent which was granted in 1931 for the process to manufacture thin walled tubular metal arrows with emphasis on methods of attachments of the arrow tip, nocks and most notably fletching by forming grooves in the metal tube to receive the fletching. (The internet is an amazing source of info)
http://www.freepatentsonline.com/1794051.pdf
http://www.freepatentsonline.com/1789575.pdf