The "S" is purely the outline of the contact wire which is embedded in the horn button. It makes contact with the mast bushing when you push the horn button, grounding the wire that runs through the steering column, which sound the horn. At one point, there was a plastic or celluloid cover over it and you couldn't see the "S". The modern solution is a domed metal cover. All of these parts are available from the Filling Station and some other suppliers, too.
All the Best,
Chip
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"It's wise to choose a SIX"