These are marked on the lower barrel "Mfg. Rolin Co. Pats Pend. Dayton, Ohio.  The barrel is all steel; the lower portion is smooth, and the upper portion is textured with a matte finish. 

Robert W. Ritzert, of Dayton, applied for a patent for this design on January 6, 1932, which was granted June 18, 1935 as number 2,005,110.  View patent here.

The concept is very similar to the Ross-Memo pencil.  Note, however the clip, which is reminiscent of early Waterman's pencils.