Looks like a upper lube 4 oz can that was cut and wrapped around the hose. My guess would be for a hand hold for wet days??
Cool but not original IMHO


LOOKING-4:WELDING SIGNS,Charter/Finance/PulOil/Trulite/TruTest-Oils,True's gas CORALINE/RAINBOW, Gardner 70 items of Yakima wa., Wa/Or/Id Chief items