Most likely the feed pipe to the cars heater , or the return pipe..... no,,, looks like I see the feed pipe just above the fuel lines, on the thermostat housing.... that would make it the return pipe.... if you trace it out, the passage way should lead into the water pump suction side.....
I have seen some old cars that had a nipple/grease fitting to grease the water pump bearing.... but it does not look like that is the case, but it could be if there is a passage way drilled to the bearing area.... check it out close... dont take my word for it, I have very little experience with anything older than 1946....
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