Hello and Welcome,
A few months ago while out hunting for bikes I ran across this very pristine Schwinn Exerciser. It appeared to be in working condition although it did sound and feel like it needed the chain and crank lubricated. The boots I was wearing prevented me from giving it a proper test ride. I had been keeping my eye out for an exercise bike or trainer for this winter season. I really had something more modern in mind. But this vintage Schwinn seemed just perfect for a guy who loves old bikes.
I also lightly lubricated the chain with White-Lightning "Easy Lube". It is a clear light oil, similar to sewing machine oil or electric motor lubricant. Because it is used indoors, I wiped the excess lubricant off the chain with a paper towel.
The resistance adjustment knob is basically just a threaded rod.
It goes through the dash to a hanger/bracket with a nut threaded on the end underneath the bracket. The nut can not spin because it is cradled under the bracket. So when the knob is turned the threaded rod pulls the bracket/hanger up wards. The bracket has a notch on each end which hold the top of each of the two actuator rods in place. The lower end of the rods are attached to the caliper where the straddle cable would normally attach. So when you turn the knob it raises the bracket which pulls the 2 rods upwards. As the rods are raised they actuate the brake caliper. Pretty cool stuff. There is a spring on each rod connector and one just above the nut under the bracket. These are for when the tension is released the rods are held in place and noise is reduced.
I will not polish the replacement until I see if it works. Not a big deal since the install is so simple. As it turned out the replacement was seized up. Oh brother!
Well fellow bicycle lovers and cog heads. I think that about covers it for now.
Until next time Please RIDE SAFE and Remember to Always Sauvetage, de restauration et de recyclage!
PS Please do not respond in French because I do not speak it. I thought, It might to nice to say "Rescue, Restore and Recycle" in a different language once in a while.