Donie- I'm not so sure that it can't cut threads...
It has flat ways... and the hand-controls for carriage, crossfeed, and compound are plainly visible... it MAY have a leadscrew either in the back, or INSIDE the bed somewhere... or it could have been removed at one point. Note the two bolts on the headstock...
Definately interesting... doesn't look like any US-made machine I've ever seen. Obviously, being predominantly small, it was small-diameter turning, looks like it was set up to be a second-operation lathe.... or pattern-making.
I wouldn't consider it to be a fantastic tool for precision work, but it is certainly much more capable than the first lathe I ever had... so Florian- if it is your FIRST lathe, then put it to work, and learn how to use it... and as time goes by, you'll learn more about it, and more about lathes!