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On the sign:
קטע הצינור בתצוגה שלפניכם (קו יצקת פלדה 18") הינו חלק מקורי מהקו המנדטורי (קו המים הראשון) לירושלים 1936-1948
In the following image from which the sign was taken, you can see the section of the pipe Click for a larger image
Details about the Mandatory Latrun Station can be seen on the following sign Click for sign's details The Shiloach line replaced this water line during the War of Independence Click for sign's details
An identical sign but in different colors is found nearby, and was photographed on the same day by the same photographer Click for a larger image
Translation of the text on the sign: The section of pipe on display before you (18" cast steel line) is an original part of the Mandatory Line (the first water line) to Jerusalem 1936-1948