This is in for a full refurbishment to get working. It costs 10 cents per pull/play. The main mechanism is a hidden 3-reel Bell-style slot machine.
This game is Not A Pinball. It operates like a slot machine. It has a glass playfield with no moving parts, but slot machine symbols are lit from behind after the player pulls the side handle. It pays out according to the award schedule on the backglass into a spring-loaded metal cup located on the front underside of the machine. The Spinning Reels article of September 1937 states that this game uses the same mechanisms as the Mystery Blue Front Bell slot machine of 1933.
Updates:
Fully disassembled mechanism. All parts ran through a parts cleaner bath. Each part will get hand wiped with Laquer Thinner and wire brushed or wire wheeled if needed. The escalator has been fully pulled apart, cleaned, and oiled.
The cabinet has been dusted, cleaned, greased, and oiled where needed. Electrical tested voltages before final test and assembly.
Playfield glass is starting to flake, so a couple of layers of clear coat will keep it from flaking anymore.