What is the meaning of this?

Tony is that a cat pump?I had a cat pump one time an the oil always looked just like that a bit gray kinda like a shark.The check valve on that gauge as gone way bad lol.
 
Is it connected with something other than brass or stainless? Its like a dead leg to the gauge where the water just sits and corrodes, that would be my guess - stainless rules!
 
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