It's the same as escaping the symbols |(|, |)|, |'|, |"|, etc. These characters have special meaning to the reader, so they're less convenient to use in symbols.
As for . specifically, it's special to the reader because of dotted lists:
arc> (nthcdr 3 '(a b c . terminator))
terminator
Also, as long as . is already special, MzScheme overloads it for a kind of infix-like syntax sugar, which Arc inherits:
arc> '(a b c . <- . x y z)
(<- a b c x y z)
A reader could probably be smart enough to interpret "'." as being equivalent to "'|.|", but this one doesn't go to that trouble. I don't blame it, either. As long as . means something special to the reader in one symbol-like place, and as long as MzScheme is going to use it for other things like infix syntax, it might as well be treated as a reserved word.