STRAIGHT SHANK
Straight Shank Mechanics Length Drills are designed for drilling holes where a screw machine drill is too short and a jobber drill is too long for rigidity. They have 3 flats on the shank for positive grip and and a 135° split point too keep drill centered without a pilot drill. The black and gold oxide coating adds wear resistance in most steel, stainless steel, cast iron, aluminum, brass, copper, and non-ferrous materials. They are sometimes referred to as Maintenance Length Drills.
135° Split Point page 34A
REDUCED SHANK
1/4" Reduced Shank Mechanics Length Drills (4" Length) are used for drilling holes larger than the capacity of a 1/4" drill chuck. Reduced shank drills should only be used for light to medium duty drilling applications as they do not have the torque strength of a straight shank drill. Reduced shank is not as hard as the body of drill to allow more flex and less breakage.
1/4" Shank • 118° Point page 21
1/4" Shank • 135° Split Point page 34