I recently found this Kraeuter tool but have no clue as to what it is.
There's one on ebay and they describe it as a wood carving tool. I can't see that any edge can be sharpened enough to carve wood.

http://www.ebay.com/itm/Vintage-Kraeuter-1203-11-Wood-Handled-Wood-Carving-Tool-/370536870471?pt=LH_DefaultDomain_0&hash=item5645b7f247

Anyone have a Kraeuter catalog?

I have a set of these.  It is a bearing scraper, for smoothing poured lead babbit bearings.  For instance, in the Ford Model A manual, after pouring new bearings for the crankshaft, install the crankshaft, rotate, noting the high spots in the babbit.  Then scrape the babbit level so there is a 95% contact amount between the babbit and journal.  Factory machines had some poured bearings too, before WWII.  The edges should be filed flat, to give a good scraping surface. 

Ditto, bearing scraper.

I did not know Kraeuter made bearing scrapers, but Alloy artifacts has one on display (slightly different model, but almost identical)

Apparently Kraeuter also held a 1910 patent for it....

http://home.comcast.net/~alloy-artifacts/kraeuter-company.html#kraeuter-1202-13

Bearing scraper. I use to use them when repairing Aermotor windmills. I recently bought one made by Plomb.

EvilDr235

Thank you all for the info.

I have a full set of those as well, in fact I'm off to work at a power station next week and I'll be scraping white metal bearings for several days. Some of mine where made by a blacksmith from old outer bearing races many years ago.

I found a similar one a couple years ago.

http://www.garagejournal.com/forum/showthread.php?t=90055&highlight=Kraeuter