Thank you Papaw for the warm welcome to the forum and all who have chimed in. I hope everyone had a nice Easter, I was able to talk with my uncle who found this near the location of an old latrine, or bathroom, so a towel holder of some sort seems fitting. My apologies for not originally including the dimensions I know better, anyhow more details, the lettering on the side reads: Patent Applied For. I was unsure if this marking was for the the piece itself or originally on the sort of spring it was made from. When the clip is slid down from the notches the ball comes out of the loop about a 1/4 inch. Enough to slide a hand towel or whatever in, then secure it by sliding that loop back down catching in the notches. Seems like a fitting answer, from end to end with the chain it measures 13".
