According to Waits, this was made by Razor Products Corporation, Cleveland, OH.
It is a 2-Piece and has a spring loaded, pivoting head (ball joint) that is supposed to follow the contours of your face. The tenstion on the spring is adjusted by screwing the bottom section of the handle in or out. By tightening it up fully, the handle acts as a normal handle.

It came in a bakelite case with space for two blade banks. The TopCap has the patent numbers on it.

Although the patents don't say this, I believe that it was also intended to be gap adjustable.
They were sold at the time when the blades were thicker and had more spring in them. There are a little notches between the base plate and the handle that prevent the handle from turning freely and a thicker blade would have added more resistance than todays thin blades. Using todays this blades, it runs out of tension at about a ⅓ of a turn. (See the last picture in the second row)

The first patent was granted to Otto Spahr on Jan. 28, 1926 under patent number US1639441 and the second was granted to Alfred G. Ryley on Oct. 31, 1933 under patent number US1933186.
The one granted to A.G. Ryley is more representive of this handle.

How does it shave?
First shave on it...
Fully closed its very mild. When opened about a ¼ it gets to a medium range shaver PROVIDED the head is not pivoting. If I have the head loosish it's still mild. It needs to be revisited with a sharper blade.
Shaving with a loose and pivoting head certainly does feel strange!