Many cars of the 30's used armored cable from the base of the coil to the ignition switch. The primary wires were inside. Supposed to keep the thieves from jumping the wires.
I didn't open it up , I think there is a coil and condenser inside.
Yes , Used to get you off the road and back to a repair shop.
The button is pushed down to test your condenser , if the car stalls , the condenser is bad.
In the old car hobby , there is a saying" it's always the condenser" , most guys carry a spare.