I've got a couple of old ASHVE Guide books from the 1930's. The 1931 copy only mentions pipe wall thickness in terms of "standard" (S), extra strong (XS), and "double extra strong" (XXS). The 1935 edition covers schedule numbers for wall thickness. It says:
"While the demands for pipe for the heating and ventilating industry are reasonably well served by the "standard weight", and "extra-strong pipe", demands fro pipe for higher pressures and temperatures in industry resulted in the use of a multiplicity of wall thickness for all sizes. Even in heating installations, the erection of piping by welding was deemed to warrant the use of pipe lighter than standard weight. For these reasons, a Sectional Committee ib Standardization of Wrought Iron and Wrought Steel Pipe and Tubing functioning under the procedure of the American Standards Association was appointed to standardize the dimensions and materials of pipe.
The proposed pipe standard recommended by that sectional committee has set up several schedules of pipe including standard-weight and extra-strong thicknesses which are now included in Schedules 40 and 60 respectively. The schedules approved by the Sectional Committee are given in Tables 1 and 3 adn the corresponding weights in Tables 2 and 4."
In the notes under the tables, it goes on to say:
"Thicknesses marked with an asterisk in Sch 30 & 40 are indentical with thicknesses for standard weight pipe in former lists; those in Sch 60 & 80 are indentical with thicknesses for extra-strong pipe in former lists.
The Schedule Numbers indicate approximate values of the expression 1000 x P/S."