Nedd, this might help you picture it. The second hole is where the cast iron piece pivots. The inside of the fan shape has am arced rack shape built in that meshes with a pinion gear on top of the steering post. As the steering rod end of the cast fan get pushed or pulled, the casting pivots on the pin beside the steering post, sweeping the rack teeth and thus spinning the steering post gear. DKase mentioned that there were actually three versions of the cast fan. I think one had the ends open, the next had the ends on the fan closed, and the third had more reinforcing ribs cast in.
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