This is a metal stand with three alligators clips on the ends of three movable arms that swivel all around. I use it mainly to hold wires I want to solder especially to make end to end solder joints of stranded wire to keep the joint small. I often do this to three wire outdoor extension cords and staggered the joints. I use shrink tube wire insulation of each wire and for the large whole cable. I usually do not get this fancy with train wiring.
I also use this cheap Harbor Freight wire stripper. It breaks at the top place shown on the right in the picture and is reinforced with an small piece channel and of course, J B Weld.
Charlie