That's a milan, it's basically a ribbon of woven straw, stitched in a spiral, overlapping starting from the middle; the top of the crown. It's a very different process than the hand-weaving of a panama hat.
I think it's amazing how much has changed in 90 years. Just as with any vintage shoe, put an original pair next to a modern one, and the detailing, construction, fit, cut, lasts, leathers, are remarkably different.
On these, I've always seen them at the bottom.
Then there are the Hudson's Bay Blanket coats. They generally have the stripe low too. Kind of helps weight the coat compositionally. http://www.thefedoralounge.com/showthread.php?72396-The-Fedora-Lounge-Guide-to-Blanket-Mackinaws/page2
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