I cannot find anything concerning the counter balance/weight thing that is connected to the shutter release lever. What is it? How does it work? I have tried to search teh forums but I do not know what it is called.

Thanks for your help

I think what you are referring to is a solenoid.

Back in the bad old days of press photographers, shutters weren't set up to synchronize the opening of the shutter blades with a flash bulb.

The solenoid was wired to the battery case and when the red button was pushed the current went to both the shutter and the bulb. If everything worked right you ended up with a photograph. If it didn't, you were out of a job.