I’ve wondered what that meant myself and what I found on it was; it was a trademark of the aluminum casting co. out of Cleveland from 1914-1986 and it is also a type of alum alloy.
A complex white alloy of specific gravity 2.95 and tensile strength 28,000 lbs per square inch. Composition: aluminium 88%, copper 10%, magnesium .25%, iron 1.5%.
I believe Lynite (lie night) is a high strength aluminum alloy originally developed for pistons. The copper was theoretically better able to transfer heat from the dome of the piston. He added strength was a surprising bonus.