They call it a RC tester - resistor and capacitor tester.
it is an impedance bridge Eico and Heathkit made them as well. I have an Eico I built 50 years ago across the room from me now. Mine will also measure inductors as long as you had a sample to compare it to. Knightkit probably made one too.
When I was a kid and didn't know all the capacitor color code systems - there were quite a few of them - I used it to measure caps. I knew the resistor code, and had a VTVM, so I didn;t use it for that much. The magic eye tube was cool and gave real leakage indication at real voltages. My Eico went up to 500v on the test function. I suspect the COnar did as well, most of those test gear items were pretty similar. I was into short wave radio then, so I did match inductors now and then.
Education is what you're left with after you have forgotten what you have learned.
I have an Eico cap tester....very old school as well. . Your model's schematic and user manual is going to be hard to locate. I'm sure it works like all the rest of them, same circuit and procedure.
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