PSC in Little Italy
The Public Service Commission is a state agency concerned with Water and Power Issues, but in 1907 it was chartered to oversee subway expansion in New York City (the Dual Contracts). The PSC was responsible for subway construction until 1924, when New York City gained local control.
Cog with rings of small rectangles was used by several rapid transit organizations mostly in the early 20th century.
probably for electrical or signal ducts
Lids showing PSC alone are relatively rare, this one is on Broome St. near Centre St. in Manhattan.