It's an ejector and was fitted on the DC-8's equipped with JT3C, JT4A or RR Conway engines. Normally extended for T/O and landing, it is retracted in flight after T/O because it is no longer needed and creates drag at higher speeds, and then it is extended during the descent/approach phase. It is operated hydraulically to extend and retract, and can be extended by an air bottle in the event of a hydraulic failure. The controls for extending/retracting are two switches on the left overhead panel, one for ejectors on the two outboard engines(1 and 4) and the other for the two inboard engines (2 and 3), and the backup compressed air bottle extends all four and is located on the left side of the throttle quadrant. Individually, the ejectors can be extended by pulling up individual thrust reverser levers on the throttles and the ejectors will retract again when reverse thrust is deselected. The ejector does two things. It reduces noise and improves thrust output up to approx. 150 knots. It also carries the thrust reverser which operates pneumatically to increase descent rate or slow the aircraft inflight and on landing to reduce the landing roll and reduce wear on the wheel brakes. It was developed and fitted on the DC-8 at the factory by Douglas during the flight test phase of the DC-8 program before certification and entry into service and was not an aftermarket hush kit attempt by any third party. I know this because I was a Captain on the DC-8 for 10+ years.