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Can anyone tell me what this tool is

Your guess is as good as any. i inherited this from my great grand father who worked in a steel mill in pennsylvania around the year 1910
 
Can you give us a closeup of the working ends of the spindles? In that blurry phonecam image, it seems like one of them ends in either teeth or a crown gear. Is that accurate? Can we see it?

At this level of no-info, I'm with M.B.Naegle in that it's probably something for clock making, tiny gear production, etc.
 
It's a jacot pivot lathe. Google it!

Nice!
Here is one on epay with a good descripion of what it is and used for:
Vintage Jacot Pivot Lathe Polishing Tool by Ludwig & Fries - Mint Condition | eBay
Some text from add:
Vintage Jacot Pivot Lathe Polishing Tool by Ludwig & Fries - Mint Condition

The Jacot Tool is used by watchmakers to polish the pivots of balance staffs and train wheels.
Extremely fine work can be done due to the centering methods.
The lathe is held in a vise while work is being done.

When the thumb wheels are loosened, the handles and be pulled out.
There are no maker’s marks on the tool.
 








 
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