Modeled after a fireman's trumpet (an early type of megaphone), this sculpture was originally supposed to project a beam of light into the sky every night between 9 and 11 PM. I remember occasionally seeing its light during the four years I lived in Bay Ridge, generally around the anniversary of 9/11, but I'm pretty sure the plans to turn it on every night have been scrapped. Or maybe I just didn't spend enough time down at the pier after dark.
Side note: In researching this memorial, I came upon an enlightening article about memorial #4 and ol' Rockin Ray.
Sweet Rockin Ray article, what a great story. riddle solved. Nice work, detective Green!