Beginning collectors often confuse an Owen's ring with a pontil mark and it is easy to see why this happens.
The pictures below are from two early machine made medicine bottles.
I have put up pictures of the lips so that the readers can see how they mold goes all the way over the top as shown below. This is different than an older hand tooled, hand blown bottle.
The pressure from the automatic machine was strong and the molds fit tight leaving only a very thin line.
Note the diagonal line which cuts across the base is obliterated by the Owens Ring (the large off-center curcular feature). the base is crudely made for a machine made bottle.