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Have that too. It is used to see if Tinkerbell (monitor windvane) is still on course, or to track Crazy Ivan, the somewhat erratic electric auto pliot is still sober.All right the answer . In current time it is referred to as a tell tail compass . Back in the day it hung in the captains bunk , so he could look up at it and know if the Jug Head on deck had the ship on course .