Adlake (short for Adams & Westlake) was, and to an extent, still is one of the big players of the railroad hardware scene. While they very much catered to the needs of railroads, most any use from heavy industry to government locks were supplied by Adlake.
The large bullring shackle was offered as an option (for an upcharge, of course) for uses requiring extra clearance such as with chains or cabinets with deep receses. I have no idea what this paticular padlock was used for or on, but the one thing I do know is an aproxamate age. The numbers stamped under the moveable dust cover is the date of production. The first number was the quarter of the year, the following two numbers are the year itself. Your’s was made July-September of 1949.
I can’t see in your pictures if there are any stampings, letters, numbers or markings on the key.
Hope this helps some
