The blobs in the pic look like frog spawn ,and the iron pillar was apparently made of a high phosphorus iron, making it resistant to corrosion.
*edit* Though the picture of the blobs is entirely unconnected, here is some interesting stuff. https://en.wikipedia.org/wiki/Oakville,_Washington#.22Clear_Blobs.22_incident
The Hutchinson effect is total b.s. He couldn't replicate it, and neither could anyone else. That means that it is scientifically irrelevant, and numerous people have disproved it.
*edit* Though the picture of the blobs is entirely unconnected, here is some interesting stuff. https://en.wikipedia.org/wiki/Oakville,_Washington#.22Clear_Blobs.22_incident