This tool initially got put in with my masonry tools. I mistakenly assumed it was for jointing mortar between bricks. I noticed the maker's name and model number under the rust on the ferrule, and a little google search led me to the correct identification:.
From a time when Babbitt bearings (see my earlier post on Harris Metal) needed to be scraped to size. Not, I think, a job for the faint of heart. As someone has commented on The Art of Scraping Babbitt, "This process takes volumes of patience, coffee or whiskey - and determination." (The material is named after Isaac Babbitt of Taunton, Massachusetts, who invented it in 1839.)