The thing that is odd, and seems to make it something more than just an over designed pickup tool, or a magnitizer, is the 2 notches cut in the ends of the rods. Seems like it fits into something specific. Thinking assembly tool for putting something into something in a blind hole, where the magnet holds on to it until you get it in place...
The # is a little odd for Wright, so it could be a special for something...