From the plaque:
This waterhole, the only
one in the sand dune area of Death Valley, was at the
junction of the two Indian trails. During the bonanza
days of Rhyolite and Skidoo, it was the only known water
source on the cross-valley road. When sand obscured the
spot, a length of stovepipe was inserted as a marker, hence its unique name.
Plaque placed by the State Department of Parks and Recreation in cooperation with the National Park Service and the Death Valley '49ers Inc. November 10, 1968.