my guess is someone replaced the original pulleys with v pulleys errg yes they work better but on a likely 1910 vintage machine I do not like. The earliest photos on lathes . Uk are of the 1920s model your machine looks older. Apparently production started around 1908.
With all your help ,I have now found the serial number(under the tail stock)677,which appears that it was made in 1911.I don't know if that makes it worth anything but is sure runs nice for a 98 year old. I hope I run as good at that age.