Number M S 602 breaks down as follows:
M = Model Year Desigination for 1954
S = Chevrolet Gear & Axle build location
602 = sixth month, second day or June 2, 1954
That combination was identified as Axle NO. 3708810 and was released for usage on 1500 - 2100 - 2400 series vehicles as RPO 313. I don't own a parts book that covers that particular year, but that may not be of any help since Production Released Part numbers are not always the same as Service part numbers. However, if someone can tell you what PRO 313 is, you should learn the axle ratio from that. Otherwise, you can count the ratio.