Measuring Tape, round leather outside wrapped with steel band and a screw through the middle, there is tape wrapping the outside to hold it together.
From an old label: "Was a writing tape made in England and used by Ed Glassner in making measurements for cross sections work of the railroad grade and the new river channel. Work along the Musselshell River when the Milwaukee Railroad. Edward Glassner lived on 702 Ave C. in Billings.