It is the Singer Craft tool. Looks like it has the cutting blade on the end. It is used to create embellishments...wrap a fine yarn or similar around it, stitch down the center, I believe on to the item you are embellishing, slip the tool partway out, wrap some more, etc. It came with tissue paper patterns. I just found one this year, 1933 World's Fair edition. No blade on mine, tho.