Yes it does seem to be able to swing out and up. Cabooses were assigned to a specific conductor/crew in those days. I know that many had special ways of determining where their specific caboose was in the yard so they could find it easily when it came time.
Most I've seen appear to be somekind of innovative jury rigged identifier but this one sees very official and solid in it's construction.
I could be wrong, it's just a reasonable assumption and guess.