Logan 820: what is this knob's purpose?

I'll put a little cmd extreme pressure lube in there just before i use dead centers. Back then, didnt they say "A little daub will do it!" ?

Tim
 
When I studied machine shop in the late 70s, those things were still in place and filled with white lead on the school's WWII vintage lathes. The instructor had squirreled away a 5 gal pail of white lead after it was banned.
 
Ford motor company used to provide small container of white lead with replacement ring and pinion gear sets..in the 70's..have several somewhere..
 
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