This is a "shot tower" (this one's in Baltimore, MD USA). They were used to produce round lead musket balls in the days of black powder musketry. Basically, the proper quantity of molten lead was dropped from the top of the tower into a water container at its bottom. As it fell, the lead assumed a spherical shape and hardened enough that when it hit the water, which cooled it instantly, it retained the desired spherical shape.
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