I found this again* when digging into the wrench overflow box**, looking to gather tools for my new-to-me RV (don't want to have to fill a toolbox every time we want to hit the road; the idea is convenience for trips). Interesting little thing.
As you can see from the photo, it's got hex shanks, tightened into a chuck - forgot to measure them, but I think they're larger than 1/4", more like 5/16". The chuck collar screws/unscrews. The chuck then pivots both ways when you press a release button, with detents at 45 degrees, 90 degrees, and straight ahead. It's a bit reluctant right now; probably needs lubing.
The shanks of the bits are marked "Hallowell." A little online research yields pretty well the same tool on That Auction Site, with its original box, marked "Standard Pressed Steel Company," with the tool labeled as a "No. 40 Auto Key Kit." There's also an eBay listing for three Hallowell tools, one with this chuck, two with square drives in two sizes.
This one's got an odd set of bits: two Phillips bits, one straight bit, and three hex bits (one ground badly out of shape). I'm thinking this was originally an installer's tool, with the bits customized to whatever the mechanic was installing.
Standard Pressed Steel is still in business, under a slightly different name:
http://www.fundinguniverse.com/company-histories/sps-technologies-inc-history/. Another one of those companies that's been busy doing stuff but known only within the relevant industries.
A set of three of these, like the one mentioned above, but, as best I can tell, without bits, went for $50 on eBay! Maybe I don't need this quite as much as I think I do.
*The first time being when I bought it.
**This box lives behind the machinist's top chest containing the precision layout tools, many of them from my Uncle Charlie.
