I can offer a half-baked theory that would support the name and "Best Steer" cast into it.
Suppose that the grooved feature were attached to a crossmember or the front axle of a vehicle, and that the two arms were positioned so as to capture some part of the steering gear. Properly positioned, any deviation from a straight line would cause the spring to oppose that change, yet a driver could easily over-ride it. Would have only been useful in the days before power steering. Not long ago, there were "helper" springs to add to modern steering gear for similar purposes, mostly sold as devices to prevent shimmy, and for off-road use.
Too bad that pre- early 1970s patents can only be searched by a couple of terms which do NOT include Assignee Name or Inventor City . . .
Just saw that a new post was made - and it appears to be along similar lines!
