AFAIK, that is indeed a liquid nitrogen canister that is used to adminster that gas to be used as a coolant, year 'round.
Freqeuently their labels disclse their contents.
Apparently, a great deal of electronics are located in the streets to work with and control various type of fiber-optic and other types of low-voltage communications equipment.
Electrical cables and steam pipes generate a great deal of heat undeground, and as such various areas need cooling.
As a side benefit IIRC nitrogen is a major component of the air we breathe, so after it does its job as coolant, I suupose it seeks to act as an "air-freshener" (rather than somethign toxic) for those working underground.
Those things are all over the place and seen very fequently in the summer.
Of course I was gonna say it's a huge canister of nitrous oxide (dentist's gas) or Amyl or Butyl Nitrate (video-head cleaner a/k/a poppers), but of course I know not of such things.