These are two scanned pages from the Monarch 61 series parts manual, the parts that 
have been squared in the diagram point to 2pc – hydraulic switching valves that release 
oil to the ways when the machine is moved.  This is specific to the rapid-traverse option 
that came with this lathe.  The rapid traverse shaft is spinning the entire time the main 
motor is ON, this same shaft also runs assembly X1 which is the pump for the carriage.  
However it would be wasteful on oil to run this pump 100% of the time…thus the 
“switching” valves to direct the oil to where it is needed most.

Matt Isserstedt
30Dec2006
mattofvinings @T aol (.) com