At a stand still it would create a slight difference. It works kinda like a shock absorber. Slow movement = little resistance, rapid movement = greater resistance.
These were somewhat useful on 4x4s but should NEVER be needed on a passenger car in normal driving. If you think you need one, you need to look for the "real cause" --loose / worn parts, etc.
I agree with Red on one point -- if you have a 'driver' (thinking more "back then") and lived on a terrible road, it might be of some benefit.
If you traveled a rutted washed out mountain driveway daily like a lot of mountain folks do you would be glad to have it. On paved roads you would need to hit a pothole to even know it is there. Comsidering its age I would guess all the fluid has leaked out of it.
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.