Did the lathe successfully run the way it is currently hooked up, or has it recently been installed where it sits?
Here's why I ask...
I obtained an Enco lathe 30 years or so ago used from a mechanic's garage that was going out of business, and the power was shut off there.
It had a 110v cord on it.
We hooked it up at home and it had little power/speed.
I took the motor to the local motor guru, and he said it was a 220v motor hooked up for 110.
He wired it properly and furnished a proper plug for it for $20.00
We then wired a receptacle with the proper setup and have never looked back.
It runs great to this day. It's a nice little machine.
Your mileage may vary.