Old school steering stabilizer
Like others have mentioned, that should not be needed (or even make a difference) if your front end is in reasonably good condition.
They are nice on something like a 4x4 when off roading where a tire hitting a large rock can shock the steering system all the way up to the steering wheel.
On an a-body I only see it as extra and unneeded weight.
Probably a home made, left over from the bias ply tire days. Bias ply tires can jerk the car around on roads that are rutted from heavy traffic.