Before the advent of individual electric motors, it was standard practice for all lathes in a shop to be powered by on overhead line shaft and flat belts. When individual electric motors were introduced, or the lathe was moved to a single lathe shop, the vertical belt was expected so the power supply was naturally mounted above the machine. A plant I worked in had a machine shop like that, noisy with the belts slapping as they moved with a continuous rumble of the bearings on the line shaft. .
Looks like a well maintained lathe. Lots of tooling on the floor, too. Someone should grab it.