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Russell Jennings Figure 40 patent bit set
This set of Russell Jennings patent slotted-shank auger bit & brace set is the only one that I have seen in my searches on the 'Net that has seen any actual use. Sandy Moss's sets all look essentially unused, and the ones auctioned by Martin J. Donnelly had bits that were still in their wrappers. The three smallest bits in the set pictured below were considerably bent, probably from a naive user's failure to clear the chips sufficiently frequently. I was able to straighten them with a leather mallet. None have been sharpened, and only the No.4 bit needs attention, as it seems to have encountered some embedded metal. Significantly, the brace's chuck is undamaged and none of the larger bits show any wear to their slots. Maybe these sets were tougher than they appear.

This entire set originally sold for only $8.50 in ca. 1914 dollars (over $200 in 2016 dollars).
Seller's picture of the set
acodee1961's picture of the set; this eBay seller has graciously allowed the use of the original auction images. Thanks, Dee !
Russell Jennings Figure 40 bit set
GB's picture after derusting & box repairs. The missing wood was replaced with yellow poplar, same as the original wood of the box. See below:
The original label lists the contents of the box:
Label remnant
Nearly all the original set's items are present; what's missing are the expansive-bit's larger cutter and the No.7 auger bit (in the middle image its place is taken with another maker's No.7 bit that's been braze repaired).

The No.'s 14, 15 & 16 bits were not included in the Fig. 40 set; a full set of regular RJ bits would have 13 bits, not the ten listed here.

Original slotted-end Mar. 1, 1904 patent bits
The extra bit here is an Irwin No.16.
Rear of box, showing repairs
No.60 holes were drilled at the left before pushing the hinge prongs into the wood.
Figure 40 set box
Top view of the box: RJ, Chester, Conn.

De-rusted bits
Cleaned bits in top of box
A few words about the de-rusting process: The shanks of all the bits were scrubbed vigorously with 0000 steel wool, but the flutes were wire brushed with a Dremel hand grinder so as not to remove any but the red rust. The magnetite layer on most of the bits was sufficiently tough that no "holidays" were left in the black patina by this procedure. The bits were finally wiped with an oily piece of cotton rag.

Figure 40 brace
The Russell Jennings company made two versions of the Mar.1,1904 patent-dated brace. The one at left is able to grip either the patented bits with their slotted shanks, or conventional square-tapered bits (a little wobbly) and also modified conventional bits whose shanks have been bobbed and then slotted with a saw. Sandy Moss has several examples of this as well as the second brace variety. That second type of brace can grip only the slotted-end Mar.1,1904 bits.
Side view of Fig.40 chuck
Interior view of fig.40 chuck
Note the thin bar.
Tapered shanks must be gripped between the pair of jaws !

The March 1, 1904 patent's claims describe the tool handle's design & functionality; the slotted cylindrical shank of the bit that the handle will hold is also covered. The expansive bit included in the present set is impressively robust in its adjustability. The brace shown above is not marked with any patent dates, but its chuck has the March 1, 1904 date, but not the February 2, 1915 date, nor any Patent Pending statement. Similarly, the extension bit's chuck, whose design is similar to the second brace design sold by Russell Jennings, only has the March 1, 1904 patent date. Therefore, this set was probably made within the year's leeway before application was made for the later patent.
Tool handle to grip slotted-end bits
Expansive bit
The present brace's patent
... brace design and extension bit
US Patent No.753,241, edited for the 'Net
US Patent No. 753,241's claims
Use view image to read the claims.
US Patent No.1,004,572
US Patent No.1,127,007, page 1
US Patent No. 1,127,007, page 2

The Russell Jennings firm was new to the brace-manufacturing business in 1914.
I've not found the following "features" in any other manufacturer's braces:

The brace's plywood pad
At left, the brace's pad appears to be made of plywood which is now beginning to delaminate.
Wris handle's two-part assembly
In the center image, the wrist handle's curved shell can be shifted out of place ...
Pushed back into place ...
... and then pushed back on center.