I got this drill press also few years ago. I have been saving this project for rainy days and lately has been raining a lot. I don't know why I got it, but I thought it was an interesting tool and the price was right.
This press looks like is controlled by a motor connected to the side pulley for the up and down travel. By hand It moves at very small increments and the whole press is very stiff. It needs a good lube job.
There is no ID plate, If anybody is familiar, I really would like to know what it is used for.