These were designed to play shellac based 78 rpm records only, and as estott notes, they use steel needles, which were designed to play one or two sides of a record before changing.
I don't know the model, but it's very close to one that was offered in the 1938 Sears catalog. Here's a blurry blowup image of a thumbnail image I found via Google's image search:
Since the model you have does not have the record storage pocket, I'm guessing that it might be post-WWII -- circa 1946/1947.
There's a youtube video of one that seems to use the same case as the one you have, but the tonearm is positioned on the other side of the turntable --
[youtube]
http://www.youtube.com/watch?v=Y-wJtJbiLPs[/youtube]
As with many acoustic phonograph videos you find on YouTube, it sounds HORRIBLE, probably because a worn out needle is being used, or the reproducer needs a re-build, or both.
Steel needles are available from a number of sellers, and prices vary. You can easily find them by doing a Google search for:
steel needles phonograph OR gramophone
HTH,
Joe