These lines make it easier to spot the boundaries between paragraphs. They also distinguish the comments at the top of the paragraph from any comments which you embed within the paragraph (which should usually not be set off with asterisk lines).
In particular, they discourage anyone from updating the comment block,
because it's such a pain in the neck to keep those asterisks lined up.
If someone sees a reason to improve the comments, the last thing we want
to do is to put an obstacle in her way.
(Arnold Trembley, a regular in comp.lang.cobol, offers an interesting
counterargument.)
Some people begin every comment block with 'THIS PARAGRAPH...', as in
'THIS PARAGRAPH DINDLES THE FRAMISTAN'. What a waste of typing. Of
course we're referring to this paragraph. That's obvious.
Just write 'DINDLE THE FRAMISTAN'.
Naturally you should avoid excessive terseness as well. However,
excessive verbosity is almost as bad.
For example, instead of writing 'DINDLES THE FRAMISTAN', write
'DINDLE THE FRAMISTAN'. First, you can eliminate verbiage (the subject
of the sentence) and still be grammatical. Second, you type at least
one fewer character.
Okay, so I'm getting picky. That's what style guides are for. But
it's easy enough to get into the habit of following this policy
consistently.
Suppose you have a paragraph 2360-DINDLE-FRAMISTAN. If 'DINDLE THE
FRAMISTAN' says all you need to say, then say it. Repeating the
paragraph name like that may feel a little funny, but at least it
reassures the reader that the paragraph doesn't do anything subtle
or unexpected that would require further explanation.
In Cobol nirvana, paragraph names would be self-documenting, and we
wouldn't need comments. So if you find yourself repeating the
paragraph name in a comment block -- congratulate yourself.
Usually these comments are a waste of time, but you can't tell in
advance. Every once in a while, one of these archaeological tidbits
provides just the clue I need.
[Warning: bad code ahead]
*****************************************************
*2360-NOTE: *
* DINDLE THE FRAMISTAN. *
*****************************************************
Those asterisks on the right edge of the box may look pretty, but they
contribute nothing either to content or to readability. They're just
a time-consuming nuisance to type.