74 Plymouth Duster, what is this thing in the steering column?

An anti theft device that didn't stop any body from stealing your car. The bad part was the costly expense to repair all the damage. I know because my 80 Honda was stolen twice.
This is the price you pay for working in some parts of New York City. After 2nd theft put an alarm in and kid was in it trying to get radio out with alarm blaring. Thief was apprehended but, although radio wasn't taken, kid was home before me. This is how career criminals are created.