What is this?

Surface gage . They set it up for dialing in a 4 jaw . Replace the scribe with an indicator and use it .

Used to use these in the machine shop, specifically in the cast iron section where you couldn't use an indicator because of the rough surface. Fastest way to trash an indicator. Used them on a lathe and horizontal borer, setup times become surprisingly fast this way.
That's the flashest model I've ever seen. Ours were rudimentary in comparison.
 
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