Mystery Solved?

We've shown you this before; the old Queen City Radio at 12th and Central Parkway.  It's now a bar called appropriately Queen City Radio.

At the time, we speculated the visible circle was an O, or 0, or a 9. We later wondered if it were a tire, not unlike this at 15th and Race.

But 'lo and behold, inside the new pub, a photo of the building's previous incarnation, and complete with a glorious sign.

But, is the mystery solved? Is the top of what we thought was an O or a 0 or a 9 or a tire really a rounded M?

Could be. But looking closer, we see the circular shape also apparently has a border close around it. 

Compare that with the border around the edge of the Teem sign, and they don't appear to match.

So, the mystery lives on.