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Help identifying!

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Fishingcope1

On Training Wheels
I picked this up a while back and have heard many different opinions on what it is. So here it is for you all to see. Any information is appreciated!

0BFE07DD-526D-462B-AAF8-C0238B99B082.jpeg


475E1A38-2A69-4251-AA54-B5A49D9AC8F1.jpeg
 
my guess is that the hole was for attaching an S hook for skirt lacings for ladies frames.
the hole is just drilled in all dropouts?
 
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