Here is a scarce Ashcroft Mfg. Co. combination drill and valve grinder. Here is a quote from the patent;

"In particular, my invention consists in improvements in tools of this class by which the same tool or machine may perform alternately the functions of the ordinary breast drill, reversible ratchet drill, or valve grinder; that is to say, by means of certain adjustments presently to be-described continuous rotation of the driving gear may cause a continuous rotation of the tool-mowing shaft or holding member; or, if desired, an oscillatory or reversing rotation of the tool holding member; or by an oscillatory or back and-forth movement of the driving gear, may operate as a ratchet drill in either direction."

This is complete with the side handle and in what I can only assume to be working condition. Every time I put the lever in a different notch it changes the rotation pattern or function, one is drill only. My pictures don't do justice to the the little gadgets that make it go back and forth, the main shaft has little "tabs" that pop out at different times and engage the gears. The side handle has a slight bend in it but looks good when snugged up so maybe it should have a little bend, I only noticed when turning it off. It has some dried oil but since it works I am leaving it alone. The patent drawing gives you some idea though it's not exact. A scarce drill seldom seen complete and working, make it yours today.