That makes perfect sense, George. Thanks for the correction on both counts. Although I can't quite capture it in the photo above, the pipe does appear to be sanded a bit right near the joint, and the lines have definitely been altered to meet the stem. (I mistakenly thought it was the other way around.)
The funny thing about it is that the line of the stem is also off - as you can see in the second photo - so maybe the original maker of the later stem was the woozy one, not the original carver, and the repairman had to do the best he could to fit it all together. (I'm sure you can relate to that, George....) The stem does bear a barely visible "REG. No 654638," which suggests a pre-WWII stem, although not necessarily a pre-WWII repair....
Thanks, too, for the long quotation, Hunter. That's the larger source of my quotation above.
As for the original question, I do think that the circled A denotes a lesser pipe than the A or the Ao, rather than the price of a particular shape number, as I have seen the same shape with different A stamps. Be that as it may, the circled A would still be relatively rare, as it was only used between 1918 and 1923 - or even 1920 and 1923 - whatever the quality of the pipe.
That's just the way I read Loring. I'm relatively new to the hobby, though, so I am eager to learn more.