I don't go to the hardware store very often but when I do, I always go the same way. I notice there is usually something hanging from this utility or telephone pole. It is on the corner of two small streets. This time there was a hat hanging on it. Someone stuffed its chin strap under the wire that is holding that sign to the pole. I remember once there was a towel hanging near the bottom of the pole and a cute bag higher up.
When something is lost on the street here, a passerby will put it up somewhere like on a fence or a bush. That way, it's easy for the person to come back to find. I guess for this area, this is the lost & found pole.