This is not an terribly interesting piece of machinery outside of it's age. It's a drill press. At this point we're guessing about it's age, but other similar models by the Buffalo Forge Company make me think it was made in the 30's. Probably older.
Some modifications have been made. The wooden disc on top was added on by persons unknown (Great Grandpa?) so that it could use the motor you see hanging on the side of the shelf. The motor is probably from the 40's. The switch is from the 19-teens. The whole thing would still work if the wiring hadn't finally given up. The drill bits are stored in the plank that the drill is hanging off of.