That's just a lead cable. Your first picture shows a lead cable splice with characteristic dome tapers.
Correct! Used to be very common and squirrels loved to chew on it. (That's why they were so stupid!) I remember a big push to install squirrel guard over the miles and miles of lead cables. Squirrel guard is a "V" shaped plastic product that is made with something squirrels don't like to chew on. It was ty-rapped on top of the lead cables.
Eventually the lead cables were all replaced, probably not because of the lead content but because they were paper insulated and a maintenance problem.
I think California banned lead covered cables because it was causing brain damage to squirrels. What was it, Prop what?
-Hal
