A type of lathe fitted with accessories set up for rapid production of identical parts. The distinguishing feature is the self-indexing capstan or tool head which holds several previously positioned tools that perform in succession various cutting operations, such as turning, drilling, counterboring and threading. The capstan is mounted on a slide, the base of which is clamped to the lathe bed at a convenient distance from the headstock. Movement of the slide carries the capstan to the work, the reverse movement removing the slide and indexing the capstan by rotating it with the next tool in position before it is again brought back to the work. It is usual to have a cut-off slide fitted to a capstan lathe for parting-off work produced from a rod. To permit more rod to be quickly brought ready for cutting, a quick-change collet chuck is fitted to the lathe spindle.