Made by Dutton Lainson Co. in Nebraska. Still in business.
Looks like and air gun of some kind, but how in the world would you attach an air hose?
Same thing is available as part of an oil can with a nozzle on the end. Looks like it would spray oil EVERYWHERE!!! Look here:
https://www.ebay.com/itm/306368333847
and here:
https://www.ebay.com/itm/205202203449
Also a painted one on ebay:
https://www.ebay.com/itm/116724591885