Nice lathe!!! Even if you have to spend some time and money to get it back into shape, that lathe has the power, weight, and accuracy that isn't made anymore. New stuff is built light, and anything not CNC has had little development in the last 50 years.
I am of the opinion that the sweet spot in simple machine tools was 1940 to 1975. After 1975 quality went downhill because of imports.
I'll bet that one of the earlier owners mistook the 3 phase marking on the motor for a horsepower rating. The phase symbol is a 0 with a slash through it, and would look like "30" to someone who didn't know much about electrical symbols.