That should be the South Bend "Heavy Ten" tool room lathe. Based on this site I'm going to guess the lathe was built around 1960: http://www.wswells.com/serial_number.html
If it has been sitting for many years the best thing is to clean the dust and dirt off, and then do a thorough lubrication. This will include a check of the oil cups and wicks that feed oil to the spindle bearings. You definitely do not want to run that machine with dry bearings. There are kits available on ebay to replace the wicks that include instructions Clean it. Lube it. Enjoy using it. Link to rebuild kit: http://www.ebay.com/itm/South-Bend-L...AAAOSwHoFXq9jP
Please post photos!
If it has been sitting for many years the best thing is to clean the dust and dirt off, and then do a thorough lubrication. This will include a check of the oil cups and wicks that feed oil to the spindle bearings. You definitely do not want to run that machine with dry bearings. There are kits available on ebay to replace the wicks that include instructions Clean it. Lube it. Enjoy using it. Link to rebuild kit: http://www.ebay.com/itm/South-Bend-L...AAAOSwHoFXq9jP
Please post photos!
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