It says

P&C 137 1/2  M.F.D. U.S.A.

Bushing/bearing driver. For babit or bronze bushings. Such as automatic transmissions, cammshavs and powers steering  pumps use

Thank You.

 

Came across it lookin for something to beat up...

Those stepped tapered sections almost look like it was designed to flare something.  Before each taper is a straight section which would be the pilot guide that would fit inside the stock.  As it goes up in size the prior sections would easily fit in the ID of the stock.  I don't understand why a bushing or bearing tool would have tapers rather than solid stops.

Greetings B4,

  Looks like it was modified on the second step.. Not sure what its main use was but it would with a few changes  make a great punch for your bottle openers.. I have one almost identical but it has a full taper.. I love to repurpose tools 

Forge on and make beautiful things

Jim

Now im brainstorming! Thanks!

Could it possible be from a set of (jewellery) ring templates to help you size and join them? Have you considered trying a jewellers ring gauge (for measuring finger size) on them to see if they match up to ring sizes?

I have one or two of these I had picked up from an estate sale along with a big mitt full of punches and drifts.  A quick google get me  a few ebay listings for P&C Peterson & Carlborg 137-1/2 Swaging Flaring Punch Tool.  Doesn't  let me know how and what it was used on.  But its a start.

 

I have something similar I bought to flare the copper pipe running from the well to the house. The swage part slips over the pipe and this flares it into the swage. It's a split swage so you can get if OFF the pipe. Or you can slip the outside of the flare fitting over the pipe and use it as the swage. I went the second route, no leaks.

Frosty The Lucky.

I think Charles is right. A flaring tool would not need the two consecutive cylindrical parts. It is probably made for a specific application. 

The 2nd step kind of throws me a bit, but it does look a lot like a flareing tool for copper pipe. You heat the end of the pipe if needed top soften it and drive in the tool to create a "socket" so you can solder on the next section without having to use a coupling. I've seen these used more on soft copper in rolls more than with hard copper.

I would definitely go with pipe flaring tool. Be interesting to measure up the parallel sections to see if they conform with the 1/2" 3/4" and 1" nominal bores of domestic water pipes.

The parallel sections should equal the internal and external diameters of the pipes, with the taper in-between to make the transition.

The largest bore internal section has been attacked with a grinder for some reason.

The mushrooming of the knurled handled end would indicate it being driven into something, and the apparent bruising on the knurled surface could equate with knocking it sideways to get it out when the operator forgot the tallow lubricant.

Alan

heres mine and some measurements if they are legible.  thought I had another larger rustier one but maybe I never bought it.

http://www.ubbcentral.com/store/item/vintage-p%26c-peterson-%26-carlborg-137-12-swaging-flaring-punch-tool-made-in-usa-_271432271011.html