okay--here's my latest theory: in her perhaps-too-clever-for-her-own-good attempt to create her own 'chop,' as was the thing-to-do at that time, she reversed her E, thus creating what looked more like a B than a creative reuse of her own initials.
the font i used was a demo of a jessie m king font from scriptorium. jessie m king was also part of the glasgow scene at the same time, and in fact the two women did projects together.
I can hear it now:
Ethel Larcombe: Hey! check out this cool new chop I made!
Jessie M. King: Good try, Elly, but it looks too much like a B!
EL: Oh Jess, you're always such a buzz-kill.
JMK: You just wait -- a hundred years from now, nobody will know who did your most famous drawing!
EL: Now you're saying I've already peaked??!