"A determined soul will do more with a rusty monkey wrench than a loafer will accomplish with all the tools in a machine shop." - Robert Hughes
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Could that be lead? Might be from when body filler was lead.
Could it be a fuse by the Fuse-Well Co. ?
Fuse-well made cast welding rods,http://books.google.com/books?id=etQiAAAAMAAJ&q=%22Fuse-well%22&dq=%22Fuse-well%22&hl=en&ei=YOpDTtiWDcPksQK_6tXPCQ&sa=X&oi=book_result&ct=result&resnum=1&ved=0CD8Q6AEwAAChicago Foundery Hardware Co.