The 1950 Industrial wasn't much different from its green counterpart. Different gear ratios, different hitch options, and so on. 

The side boom was most likely used for laying pipelines. Oliver didn't put them on at the factory. They built the tractor, and then shipped it to Parsons (or another aftermarket outfit) where the side boom would be mounted.

I'm pretty sure there are some industrial Olivers in our Photo Barn, but here is a picture of a newer version of what you have. It was sold at the Aumann Thanksgiving Auction. In the late 1960s Oliver made an effort to separate their ag and industrial lines. The 1950 Industrial became the 4-115 Mighty Tow if it was front wheel assist, and the 2-115 if it was two wheel drive.

If you have more questions, just ask...