A second look revealed something else; WoTters Bros. not WoLters. Also odd, is the abbreviation of California; CALA / not Ca. or Cal.
My initial inclination was that it was part of a clock. Many, many years ago, while metal detecting the site of a town in No. Cal., which burnt to the ground in it's entirety on Oct. 17, 1902, I dug something very similar, advertising Dr. Harter's Wild Cherry Bitters. Although badly deformed, it had quite obviously been an advertising clock.
A fellow collector emailed me a photo a few minutes ago. Mystery, quite obviously solved...