I talked to the owner and he has never used it. He bought it and had an electrician hook it up and they were testing is when it started to let the magic smoke out. They shut it down and pulled the motor/generator out and sent it to a motor shop where it sat for the last couple of years. They did nothing with the unit, he brought it back when he put this up for sale. He has another one that is a little older so decided to sell this one.
Excellent info! Thank you! So basically motor generator is probably toast. So it would need rather complicated re-work. I was wondering why on pictures they show the whole power unit out of the lathe! This was very strange indeed.
Note these lathes are marvels of technology - they had a Variable speed drive in them that used through the years all sorts of different technology - this one has motor to DC generator that drives a DC motor. Then with vacuum tubes it controls the DC motor AFAIK. Other machines have different strange technology. I guess one could replace the whole motor generator with electronic conversion to DC and electronic DC speed driver - this did not exist in 1951.
There is huge discussion of this lathe and its models on lathes.uk.
Not only is this lathe 3500 lbs but it is loaded with stuff like automatic oiler etc - it is not your "average" engine lathe - its like a Ferrari lathe. Imagine technology in 1951 Ferrari used for racing. Had to check company existed in 1951 - it started in 1939.