I'll have to go over and look, but I'm m fairly sure his hs a threading dial. Apparently it was a option?
On some lathes it might have been an option.
Why is one needed when using the half nut? (Here comes one of my long explanations).
If you are turning a thread the same pitch as your lead screw, say 10 TPI, the spindle turns once for each turn of the lead screw. So it doesn't matter where you engage the half nut.
Now say it's 20 TPI. For each turn of the spindle the lead screw turns 1/2 as much since the threading pitch is twice as much.
So here is what I just tried on my South Bend. I set up with gears (shudder!!!!) 10 TPI. I made a mark on a piece in the chuck to represent the starting point of the thread. I engaged the half nut and adjusted the cross slide and compound slide so once the backlash was out (half nut engaged) and turning the spindle by hand the tool bit lined up with the mark on the work.
I then turned the spindle one turn and used the calipers to measure the distance the carriage had moved. Pretty close to 0.1" which is 10 TPI.
Next I disengaged the half nut and moved the carriage to the right. Re-engaged half nut and turned spindle by hand until the tool bit lined up with the mark. It did.
Then I set the thread pitch to 20 TPI. Now the spindle turns twice for every single turn of the lead screw because the pitch is 0.050".
If you're with me this far you'll understand that if I turn the spindle one turn without the half nut engaged the carriage is now out of position by 0.050". If I try and engage the half nut it won't. I need to turn the spindle and one more turn which turns the lead screw another half a turn. Now the half nut engages.
And to make the really long story short. The lines on the top of the threading indicator are used to signal when it's time to engage the half nut. For some threads that are multiples of the lead screw pitch it's every number or every even number or line. For the odd threads like 16 TPI it may well be only #1 or whatever specific line/number you used the very first time for this thread.
And there's the problem with metric on an imperial lathe or the other way around. There's no easy way to look at the threading dial and engage the half nut since you may be at a pitch point that is a non-repeating fraction.
So to ensure that everything lines up properly the half nut is left engaged and the spindle reversed with the tool out (backlash can snap a carbide tip in a heartbeat) until you are reading to take a run at the next pass. Go forward and the spindle to carriage lead screw relationship remains the same. The threading dial is useless.