It's a Phase Break indication, indicates that the phase break is active and that engineers approaching it when running electric locos and EMUs should place their controllers in coast to pass thru the phase break section. There are devices secured to the tracks at the said locations which will knock off the power in the NJT locos on the Football Trains before they reach the breaks. This is one of them, the other is adjacent to East Bridgeport Yard.
If you wanna see surviving signals (albeit not in service), here is where you will find some........
CP 241 (South Norwalk)
CP 244 (Westport, Saga Bridge)
CP 257
CP 261 (NOTE) At the north end of the Devon Wye, MNR Waterbury Branch, the original northward (south facing) signal mast is still used displaying "Stop", "Proceed Cab", Absolute Block", and is visible from any eastward train.
There is also some original automatic signals still mounted in the catenary between Westport and East Norwalk and between Westport and Greens Farms, the 2 spots that I recall seeing.
Railroading is not a career, it's a lifestyle! Railroading........what other life would I wanna live?