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I'm going to guess that it's some kind of indicator as to where a circuit begins/ends or activates/de-activates.

Since it was about 100 feet from a crossing, I'm thinking that it might indicate the following:
  • where the crossing circuit is RELEASED, after the train has passed over the crossing.
  • the point at which a train will RE-activate the crossing protection if it has passed over the crossing in one direction, and then changes direction.

Were there any fixed signals near where this was located?
If so, might have something to do with them, as well.
Or... perhaps with PTC...
 
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