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I was given this lathe measuring tool

I can see how the measuring needle will move the dial to show 10,000" (?) of movement. I am not actually sure of the scale yet but I was wondering on a couple of points.
Why is the base magnetic - presumably to make it easier to hold it in place but please confirm.
What it the big lever for? It does not appear to change anything about the device and I don't want to take it apart more than required but would like to know its purpose.
Suggestions and answers please.

Unknown lever makes it easy to get the magnet off whatever you have fixed it too.
Try it on your flat screen TV to see if it switches the poles? (Don't do this)
Do you have any metal implants? See if you can fix it to them? (Probably stainless, so won't)
It's to measure runout.
Try a Google search for runout gauge and you'll find more information than I expect you want.
The base is magnetic so as you can easily mount it to machine tables etc.
The lever detaches it as said.

The magnetic base is just super useful for sticking it to things. The lever is probably a releaser thing- on mine, it pulls the magnet away from whatever you've stuck it to.
All the stuff you've made and you seriously have to ask this? 🙂
What are lathes or other big engineering machines made from?....
You even named it correctly (magnetic base)!
I wonder what the lever on the magnetic base might do?... :-))
And it is one of those great tools where the analogue / dial version is so much more useful than a modern digital one. Also good for wheelbuilding and car brake disc runout.
Also good for wheelbuilding and car brake disc runout.
Also good for setting internal combustion engine cam timing very precisely.
Do you have any metal implants?
Like you even have to ask 🙂
I hadn't thought of it affecting the magnet. D'oh.
Can't test on my metal implants as they are all titanium.

I will use it partly as a desk weight and partly as a wheel builder tool just to test exactly how true they get my wheels. That really would make me customer from hell if I turned up with that to check 🙂
Finger/lever dial test indicator (measures the deflection of the finger) on a magnetic base, the lever moves the magnet inside the base, turning it "on" or "off" so you can stick it to ferrous parts.
Finger type DTI measures angular displacement, push rod DTI measures linear displacement, may not be relevant depending what you are doing and accuracy required, but can be worth bearing in mind.
I love STW
It’s a micrometer / dial guage
The magnet is for sticking it in position to have a true zero.
Usually the side of a lathe.
It’s an awesome tool for wheel trueing
DTI. Not micrometer 😁
It's actually a miniature catapult.
You push the arm back with the gauge on it all the way back and prick yourself with the needle until the gauge reads the desired distance (in feet in this case) that you want to fire your projectile of choice. Once you're happy with the aim you press the hitherto unknown lever (it's a trigger) and said projectile ballisticates (that's the technical term).
Oh, and don't use magnetic projectiles or they may get stuck.
You may wish to tidy your desk.
The lever reverses the polarity of the magnet, don’t store it with the lever in the wrong position, if too many people do, it could cause the earth to stop and start spinning backwards.