This section is from the book "Machine Shop Work", by Frederick W. Turner, Oscar E. Perrigo, Howard P. Fairfield. Also available from Amazon: Machine shop work.
This tool is illustrated in Fig. 127. The blade is quite narrow-as narrow, in fact, as the character of the work will allow. As the blade needs to be narrower at the shank and at the bottom than it is at the cutting edge, it follows that the tool will be weak. It must be set horizontally, so that, as the tool is fed to the work, only the cutting edge will touch the metal. It must also be set so that the cutting edge will pass through the axis of the work as it is fed to the center. If set too high, it will cease to cut before the center of the work is reached; while if too low, the tool has a poor scraping action, and will leave a portion of the work uncut. On work held between centers, one should not attempt to cut to the center of the piece, as the work will surely ride up onto the tool.

Fig. 127. Cutting-Off or Parting Tool.
 
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