That is a Heinemann speed control. The motor appears to be a Heinemann "55", which would have been made it the Garford Works at Elyria, OH.
http://s276.photobucket.com/user/viva-t ... 0.jpg.html
Columbia bought in motors at the end of their machine production.
Imported Garrard motors have been found, as have Heinemann, though a couple of experts have told me definitively that Heinemann motors were never used by Columbia, the evidence of my lying eyes notwithstanding.
Thanks for posting the photo of the motor in your new 720. Would you post photos of the entire machine, perhaps in the "Featured Machine" thread? It is certainly rare, and I for one find these late machines fascinating.