So what pushes arm 48 (in patent 693,583) up, so that it will engage the two holes 47 in lever 45? I see no sign of a spring. Is the screw at the shutter button end supposed to be tight enough to hold it up? Mine works fine (now that I adjusted spring 61), but I have to hold up the shutter button while cocking. Arm 48 is perfectly willing to fall down and not latch up lever 45 when cocking.
It would almost make sense for there to be a small spiral spring on the longer screw that holds arm 48.
I'm planning to replace the non-existent bellows on mine with some rubberized nylon from a cheap Chinese changing bag. (I cut it up yesterday to make new bellows for a Autographic Kodak Special No. 1 Model B. I hated that changing bag.) Pretty similar to shutter cloth, but a looser weave.
Thankfully, a prior owner already made bushings to make the pins larger in diameter to hold the 120 spools.