In case anyone is interested, the wire institute responded:
The 216 refers to spacing in inches of the longitudinal and transverse wires, respectively, while the 49 refers to wire gauge of the longitudinal and transverse wires, respectively.
In this case, the style represents 4 gauge wires spaced at 2” on center and 9 gauge wires in the orthogonal direction at 16” oc.
This gives: 4ga @ 2” oc = 0.239 in2/ft, and 9ga @ 16” oc = 0.013 in2/ft
As you would probably surmise, it is most likely that the 4ga @ 2” oc is serving as the flexural reinforcement running parallel to span direction of the one-way slab over its supports, while the much lighter wire pattern is transverse and perhaps provided some (very) nominal shrinkage & temperature benefit.
Note that tensile and yield strength of the material back in this time period was in the 75 ksi and 65 ksi range, respectively.