Bill is correct. It's a graduated adjustment on the distributor that allows you to advance or retard the timing by as much as 6 deg. This was to allow the owner to adjust to the variable quality of gas available then. Here is the best pic I have but it isn't a good one. You can see the setup at the base of the distributor cap. If you look close you can see the adjusting knobs & the pointer.
http://i47.photobucket.com/albums/f167/Tinys1938/Im001283.jpg


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Name your dog Naked so you can walk Naked in the park.