As John posted
It was made by Magna specifically for Montgomery Wards at their request.
The Review and History link Ron posted has errors.
They were made by both Magna Power Tool Corporation and Yuba Power Products. The Mark 2, not Mark II, came out in the late 1950's several years after the Mark 5. It was a lower cost/quality option to sell in Montgomery Ward stores and ended up selling at other stores as well. It was sold as the Shopsmith Mark 2 not under the Montgomery Ward tool line name PowrKraft. It was only made for a few years. One difference is in the headstock. Instead of having the variable speed like the Mark 5 it has different size pulleys to change the speed similar to the Model 10's without a Speed Changer. It can hold and run SPT's like the band saw, belt sander, etc. The locks are screw ends that press directly on the tubes. Since they were made for only a short time, plus or minus 60 years ago, there are not many for sale and finding parts for them is difficult.
Mark V 520 S/N 09-11-01 completely upgraded to Mark 7, with all SPT's & more.
Model 10ER S/N R64000 first one I restored on bench w/ Shopsmith metal ends & retractable casters. Has Speed Changer, Model 4E Jointer, Jig Saw with lamp, a complete set of original accessories & much more.
Model 10E S/N 1077 oldest one I have restored. On bench w/ Shopsmith metal ends & retractable casters.