Hi Jim,
Yes, one of the patent applications in Mr Niebling's book shows three acorns above the horse shoe, as you have described. In the picture Harold posted, I couldn't tell for sure if there was anything above the horseshoe (or might have been there at one time).
The first patent application (using the acorns) also shows a 3 leaf clover in the horseshoe. I thought that could be a 3 leaf clover under the shoe in Harold's picture. The patent application has wording that gives some wiggle room to the use (or non-use), and positional placement of some of the elements of the trademark.
In the 2nd Metropolitan Watch patent application in Mr Niebling's book, the horseshoe is used without acorns.
In both of the Metropolitan Watch patent applications, the word "STANDARD" is shown on both horseshoes. I can't make out on Harold's picture if that might be there now, or had been there at one time.
All this offered just as food for thought......no declaration that this IS what it must be.