This tassel has crocheted fringe, with "crocheted beads", a stitch that makes a bump in the fringe.

Materials
Crochet silk (substitute crochet cotton thread) No thread size given in old pattern.
Steel crochet hook No. 6

1st and 2nd ring 1917 directions say: (Sandi's clarification of directions is below) Begin by winding the silk 10 times over forefinger and crochet needle; slip off and work 18 hdc on ring * lay crochet needle with last loop on the needle over the forefinger again and wind 10 times; slip off and work 8 hdc on this second ring. 1st and 2nd ring Sandi's clarification of 1917 directions: Wind the thread 10 times around your finger to make a thick circle of thread. Slip this circle off your finger and while holding it in this shape, work 18 hdc around the circle. For 2nd ring: * hold crochet hook with last ring made close to your finger and wind thread around your finger 10 times; slip this off your finger and work 8 hdc on this last circle made.

3rd ring 1917 directions: * lay crochet needle with last loop on the needle over the forefinger again and wind 10 times; slip off and work 8 hdc on this third ring. Take out needle, insert it in the 8th st from the joining on first ring, draw loop through to join. Again 8 hdc on the 3rd ring and wind the 4th ring. Work 8 hdc in the 4th ring, join on the 3rd hdc of the first ring. Make 28 hdc in the 4th ring and join on the first hdc on this ring. Pass to next ring and fill with 18 hdc and join on first of this ring. Pass to next and fill with 28 hdc and join on first in this ring. Pass to the last ring and fill with 18 hdc and join on first st.
Openwork Round From the last joining with right side towards you, ch 3, and * make a dc on the 3rd of next ring. 3 ch and a dc in every 2nd st until you have 10 spaces. Without ch pass with a dc to the 3rd of next ring; 3 ch and a dc in every 2nd st until you have 6 spaces on this ring. Repeat from * for next two rings. Join on top of first 3 ch. Without cutting silk make the fringe on next ring.
Fringe * Ch 10, now make a crocheted bead as follows: Pull out the last loop about two-eighths of an inch (thread over needle bring up a loop through last ch st). Do this three times, making the loops all the same length. Thread over and draw through all the loops. Repeat from * 10 times, then ch 5 and a sc in first space. Make two fringes in each space on this ring. On the other spaces work 4 sc and a 4 ch picot. except between rings leave off the picot.

How to do a Picot chain 4, sc in the first chain (one picot made)

Sandi's Note: Where the pattern says to "join", you would join where indicated, with a slip stitch.

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Photo from New Designs in Tatting and Crochet, 1917

Pattern was originally printed in New Designs in Tatting and Crochet by M. Hemingway & Sons Silk Co. in 1917.

Vintage Tassel Pattern Index (7 free vintage tassel patterns): http://crochet.about.com/library/weekly/aa082899.htm