Some early cables, particularly ones carrying power, were insulated by pressurising the cable core with a suitable liquid, eg like transformer cooling oil - ie a 'Wet core'. As materials improved, the liquid wasn't needed, and so we had a 'Dry core'; the label was no doubt to deter technicians from trying to fill a cable with oil that didn't need it. It would have been mounted either on the cabinet where the cable started from or ended, or possibly on a 'Joint box' at the junction of two cables.