That motor is called a split-phase motor, and I too have a lathe that runs on it. They're very stable when their attain their designed speeds. The split phase only works during startup, after which a centrifugal switch disengages said phase off.
Here's a pic of my motor's plate:
Also, check this page 187 of the Marathon Motors catalog.
Here's a pic of my motor's plate:
Also, check this page 187 of the Marathon Motors catalog.