1779940063Salty-Studio307360

We are new homeowners, so we're still trying to figure stuff out, but can't figure out what this is for. The home was was built around 1970. This is the corner of our house's foundation – the handle-looking think twists/rotates about 360º, but won't lift or drop. If I had to guess, it looks like some sort of drain or something, but there is also a downspout right above it (not connected to it), so I'm unsure.

I'm sorry if this is an obvious thing to other homeowners, like I said, we're new – I tried to identify it through ChatGPT and Googling but was no help.