the camera you have is what called a falling plate camera.
you are right the septums held dry (glass) plates. i have a "cyclone sr" ready for me to fix-up if i ever find the time ... it is similar to yours probably, but it takes 4x5 plates. over the yeare i have had + restored a few of these cool cameras, one even had a shutter that you could turn the knob and change the speed the guillotine-shutter dropped.
you might find tid-bits + adverts for similar cameras at boxcameras.com. if you want to expose film, you can stick a piece of cardboard behind it - the shutter may go at about 1/80-1/100S. the only thing is that without glass, the septums might not weigh enough to fall all the way down. if you want to "cla" your shutter, there should be some screws on the front of the camera. if you carefully remove them, the front + shutter comes off the box, and you can put a drop of oil -- 3-in-1, sewing machine, clock .. &c to make it as good as new ... the front goes back on as ez as taking it off ...
have fun with your fun camera!