Hi,
I know next to nothing about this company and its products, but I'm happy to share what little information I've got.
The "Secretary" instruments I encounter most often are from what I take to have been the company's higher-end line; they were branded "Executive Secretary." I've owned a few of the Executive Secretary pens and one pen/pencil set. The pen is a gold-plated streamlined design, button filled, with a semi-hooded 14K nib (so marked). On the basis of the styling, I guesstimate a late 40s/50s timeframe. They are not atrociously made pens, and the gold nib is a pleasant surprise.
About midway down this
page, there's an image of the pen I'm describing. (With absolutely no disrespect intended, I might suggest that the selling price here is a touch on the optimistic side.) The resemblance to your pencil is clear.
I have the sense that the high-end instruments were intended as low-priced gift items; depending on your Main Street's shopping options, they might have been the "fanciest" pens in the drugstore showcase. I also wouldn't be a bit surprised if a fair percentage of them wound up engraved (I think I had a couple of engraved specimens).
The company's ordinary "Secretary" line seems to have been oriented more toward the novelty end of things, as your example demonstrates: instruments well suited to givewaway premium applications.
On the basis of this FPN
thread, it seems that this company (which was also known as Progressive Products, and which had an office in Toronto as well as New Jersey) held patents for floaty pens and pencils.
Not a lot of help, I know - sorry!
Cheers,
Jon