So there is an issue with what I wrote above. This from the NJ Mirror seems to say it may have been a radio tower.
July 6 1938
Officials of the Forest Fire Service of the Department of Conservation and Development are planning the dedication next month of a memorial to the late Colonel Leonidas Coyle, for over 25 years head of the bureau, and known as the "Flying Colonel." The marker will be erected on Route 40, about 12 miles below Four Mile Colony. Contributions of forest fire employees will pay for the monument. Ceremonies at the same time will dedicate the bureau's new landing field opposite the recently completed radio tower near the site.
July 6 1938
Officials of the Forest Fire Service of the Department of Conservation and Development are planning the dedication next month of a memorial to the late Colonel Leonidas Coyle, for over 25 years head of the bureau, and known as the "Flying Colonel." The marker will be erected on Route 40, about 12 miles below Four Mile Colony. Contributions of forest fire employees will pay for the monument. Ceremonies at the same time will dedicate the bureau's new landing field opposite the recently completed radio tower near the site.