It is a field telescope similar to the type in this picture:

(http://a7.cpimg.com/image/3F/23/42061887-281a-02800200-.jpg)
These were developed from trench telescopes. They make it possible to look over an obstacle without exposing your head. In addition they make you taller and thus increase your field of vision. Since they are heavier and more ungainly than binoculars, they were mostly carried by motorised troops such as armoured and artillery units. The larger types were mounted on tripods.