Ford used mechanical brakes up until 1939. The wrench in question is for adjusting those brakes just like the ones on my 1931 Ford Model A. As the shoes and linkages wear, you need to take up the slack with the brake adjusting wedge. On the Model A it resembles a large bolt with a conical end that spreads the shoes apart closer to the brake drum, on the adjusting end of the bolt like wedge is a square end to the shaft that you use this wrench to turn. I hope that made some sense..
I have two ford brake adjusting wrenches made by Bonney, and one made by Plomb. I used to have a Herbrand made wrench that said "ford brakes" on one side which I think may be the manufacturer of the original posters wrench. I sold that one at a swap meet since I have 3 others in better condition. The main suppliers of reproduction parts for antique fords sell a brake adjusting wrench that is about half as long, and has a square cutout to fit the adjusting wedge. Later I discovered the tools they used back in the day, and most are 8 point and much longer which makes getting under the car and adjusting the brakes MUCH easier!
As a side note: Many hot rodders and people new to this era car proclaim that you need to upgrade to Hydraulic brakes to get the car to stop - and I can tell you I had practically NO brakes when I inherited my 31 model A, but after going through the brake system properly and restoring EVERY component to spec and taking out the free play in each linkage I can lock up all four tires and lay down rubber. Proper adjustment and centering of the brakes, as well as taking out free play in various wear areas in the system is key when restoring them. Once done right the mechanical brakes work very well.
Below are some pictures of the brake adjusting wedge, Two of my brake wrenches, the bonney and plomb made ones, and the rear backing plate on my model A where you can see the adjustment wedge you use the wrench on.
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