i am guessing a valve tag. on bigger buildings, every valve (plumbing or boiler) has a tag and number that goes with a chart to say what it closes or opens. it might be one. look into line material company from milwaukee.
I think you nailed it!
Line Material Company (in South Milwaukee!) started in 1911, purchased by McGraw Edison which eventually became Cooper Power
The Line Material Company, founded in 1911, grew to be a major force in the electrical manufacturing industry as manufacturers of fuses, switches, line hardware, arresters, transformers and more. Line Material became part of McGraw Electric in 1949.
Highlights
1920 − Porcelain-Housed Fuse Cutouts
1920 − Drop-Out Fuse Cutout
1920 − Expulsion Gap Arrester
1932 − Valve-Type Arrester
1933 − Circuit Reclosing Disconnecting Fuse Cutout
1934 − Glass-Housed Arrester
1938 − Ground Lead Disconnect Arrester
1949 − Capacitor Units w/Stainless Steel Tanks