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old tool-what is it, how old

Can anyone tell me what the name of this tool is and approximately how old it is? I found it in an old wooden tool box left me after my Grandfather passed. He was born in 1897 and was a carpenter most of his life. The wooden rod has a 7" scale scribed on it which is accurate and professional looking and the set screw on top has true wooden treads. Its about 8.5" long and must be some sort of an old compass or guide of some sort, but I don't know what it is called. Does anyone know and would anyone know how old it is?

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