Does the ratchet say AR King or AM King?
AM King is the largest heavy industry scrapper on the planet.
If you need 27 used, 6",  25hp pedestal slurry pumps in a hurry,  King is your guy!

Anyway there were/are drills for punching I-beam and such in mill erection, for "hot rivets" if high stress (or bolts if not), and they were hand driven.   A drill frame you clamp on with self feed, and special bits. A ratcheting handle of some kind is always supplied.
These can drill a 5/8" hole though an I-beam flange in nearly seconds! 
Until the magnetic portable drill press was invented nobody used anything else. They built the Empire state building!

So this was probably the handle for one of these drills.
But it looks like it might have been convertible for use with a socket as well.

   Regardless, its a --very-- cool thing.
    yours Scott