So much for that theory.:D
Still though, with 240 at the T stat housing and 220 at the top hose points to low/no circulation.
Example:
I have a mechanical temp gauge and a thermostatically controlled electric fan controller is in my top hose right at the radiator.
The fan controller is set to turn the fan on at 210, and when the fan comes on my mechanical gauge in the intake shows exactly 210.
The point here is that the temps should be really close to the same at the T stat housing and the top hose at the radiator.
This is why I suspect circulation.
You don't have a reverse direction fan by accident do you?