This section is from the book "An Elementary Outline Of Mechanical Processes", by G. W. Danforth. Also available from Amazon: An elementary outline of mechanical processes.
Fig. 203 shows a few slotting-machine tools for general use, although many forms may be made for special uses. They are designated as follows:
(1-2) Roughing tools.
(3) Finishing and filleting tool.
(4) Key way and cutting-off tool.
(5) Holder for tool points of high-speed steel.
These tools are made to cut as they move downward in the direction of their length. Other tools may be shaped to be clamped on the ram so that they cut in a direction perpendicular to their length.