Pulled this little piece up today as well. The bottom has an iron circle, the body is copper, and I don't know what metal the silver color ball is. I'm sure one of you guys can ID this.
Sod Buster is right. There is one just like it on my Indian transmission. It is adjustable and fits in the shifter detent to hold transmission in proper gear but still let you shift to another gear and then hold that one in place.
it is from a set of Victor torch guages-regulator, the ball is stainless and plugs the hole in the spring loaded diaphram as you turn the pressure
adjustment handle it puts more or less tension on the ball and raises or lowers the feed pressure of oxygen or accetalyne going to the torch
What ever you call it, alemite, greese nipple, or zerk grease fitting they are all the same. And they all have a back flow check ball valve. The ball check on the greese fitting is opposite to the ball in the item that Crispin posted:
I am going to go ahead and marked solved on this one. Not because any one idea is correct but because any one of these ideas can fit what it is. Learned a lot from the replies. Thanks everybody. I'll try to dig up something more bizarre for the next mystery item!