Col legno is probably not what you're hearing. The wood of the bow technique is usually a bouncing motion, heard most recognizably in Berlioz's Symphonie Fantastique.

In most groups i've been in, a term like SCHEECHICATTO is probably what would have been used (for its highly descriptive quality). I've never played with a high-level orchestra though, so that may be a function of the less professional players and conductors I've encountered.

Most good conductors/educators don't get caught up in the language (especially when language is a barrier) so they used whatever word is most descriptive.