What on earth am I looking at??

[Underground Bicycle Shop]

So I bought this front hub a year ago and this rear a hub a month ago and they match brilliantly. The way the ball bearings are retained are unique as well as the external ball cup/lock ring for the cog. I cant make out the wording on the rear!!!
Help
Reed in NJ

 

[Brian R.]

I can see the letter M. Could it be the M in GEM? I can also see PAT NOV.
See this 1900 catalogue page, top. Is it the same (but you're missing parts)?

 

[Underground Bicycle Shop]

I can see the letter M. Could it be the M in GEM? I can also see PAT NOV.
See this 1900 catalogue page, top. Is it the same (but you're missing parts)?
View attachment 449775

You sir, are a great person!

 

[Underground Bicycle Shop]

I can see the letter M. Could it be the M in GEM? I can also see PAT NOV.
See this 1900 catalogue page, top. Is it the same (but you're missing parts)?
View attachment 449775

But not missing parts, I have them set aside

 

[WES PINCHOT]

DARN GOOD EYE!