Just purchased an Ektar f/7.7 203mm lens in a Kodak Flash Supermatic Shutter. Having some difficulty with one aspect of the shutter's operation and hope that someone here can help. The issue I'm having is with the red shutter-speed indication in the upper right quadrant of the lens (facing the the lens). These red markings are "10, 5, 2, 1, B, T" and they sit just above a slide marked, also in red, "M" at one end and "F" at the other. When the shutter is cocked it's possible to cock another lever, one that sits above the red "T" and cocks by bringing it down toward and to the "F" or the "M" (goes to the "F" if the slide is at the "F" and to the "M" if the slide is there). Cocking this lever seems to activate the slower shutter speeds, those marked in red, rather than the faster shutter speeds, marked in black lower and on the left of the shutter. That is, the same dial changes both the black and the red shutter settings, but either the black or the red seems to be chosen depending on whether the second lever is cocked after the shutter itself is cocked.

So far so good, but here's my confusion. When the slide I mention is set to "F" the shutter is faster, or seems faster, than when it is set to "M" and even when the slide is set to "M" the shutter does not seem to be open as long as the red numbers seem to indicate; specifically, when the shutter is dialed to the red "1" and the second lever cocked, the shutter does not stay open for nearly a full second (more like half a second). Moreover, I'm not sure why the speed of the shutter is altered by the slide being set to "F" or "M". From the research I've done, the "F" and "M" are settings designed to delay when the shutter opens, depending on which flash bulb, if any, is used, but this shouldn't as I understand it, affect how long the shutter remains open. What am I missing? Thanks in advance. (And by the way I have looked online for an owner's manual for the shutter, but haven't found one.)

http://www.cameraeccentric.com/html/info/graflex_11.html
page 12

Sounds like your Flash Supermatic needs a CLA. I service these shutters, use the private message function to contact me if interested.

T- time, press the trip lever to open the shutter; press a second time to close the shutter.

B- bulb, press the shutter release to open the shutter, release the shutter release to close the shutter.

1 is one second, all other numbers are fractions of a second, put 1 over the number.

Black M - flash bulbs using the shutter speeds in black.
Red M- flash bulbs using the shutter speeds in red.
F- gas filled flash bulbs all shutter speeds, can be used for electronic flash.

Flash should not fire until the second lever is set. Tripping the shutter fires the flash and the second lever delays the shutter opening until the flash bulb has reached at least 2/3 of its peak illumination.
F delay 5 milliseconds.
M delay approximately 20milliseconds.

Correctly operating shutter:
Shutter trip- shutter blades flipped to full open in 1-3 milliseconds, shutter blades held open by the shutter delay gearing according to the time set, shutter blades forced closed by the main setting spring or booster spring for speeds above 1/100 second. Flash delay delays the opening of the shutter for the specified time according to the type of flash in use.
A 5 millisecond delay is the tolerance edge for electronic flash which is normally fired at the instant the shutter reaches full open.