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The cross slide should have the adjustable shoe for alignment. See the picture at the bottomIt appears though you have either the 750 or the A lathe....these are desireable ...they are more rugged...http://www.lathes.co.uk/derbyshire/page17.htmldave
The current problem is the DC motor speed controller is fried. So, I need to find a new one, and I don't know what to get(affordable). 115 vdc, 1/8 hp 1.2 amps 1725 rpm Series 500 Bodine motor. That is DC!I don't have a clue about picking a controller. A new one at the motor shop is $282.00.I guess I could control speed with a stepped pulley and moving belts. Or get a counter-shaft belt assembly.
Be careful people - it's a jungle out there* *(what was the name TV show the ended/started like that????)