what is it?

It is indeed. A chuck or faceplate would screw onto the spindle. They commonly came with a tailstock as well. Then you could mount the workpiece between centres, with a specialized dog holding the work with no backlash. Good for machining a shaft to a square, hex, or whatever. A useful mill accessory.
 
That's a dividing head made by "Gulledge Co." in California. The thread on the spindle is 1 3/4"-8. The unit came with 3 dividing plates, dead center in the spindle, dog driver, and a tail stock. It's the perfect size for a medium to small horizontal mill but beefy enough for a Bridgeport. I use mine on a Hardinge horizontal mill to machine gears and mark dials.

Dividing head 10.JPG Grinding jig indexing 6.JPG
 
That's a nice dividing head- but Kent - that is a SWEET Hardinge TM!

Mine is not as nice as that- not many hand scrape marks left on mine! I got it for a song, but it was missing the little overarm support bearing/bracket.
I got mine running for the first time in a few years this week!


Bernie
 
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