i'm sure someone out there is more aware of the history than i am, but as i alluded to in the first response, i believe the high-green signal evolved from the early mechanical ball signal...
a highball meant the track was clear ahead, let 'er rip!
i probably see more 3-color Marx signals where someone has rearranged the bulbs to a traffic light alignment rather than a proper RR track signal. frankly if i wasn't involved with live steam operations, i might not be aware either.
nice accessory ... the Marx red base signals/ lights are my favorites.