Gerald,
I am sorry, I have no repair remedies for you, but you have a bit of a premier type of 'Scout' locomotive with the following features, sans Magne-Traction and Smoke.
Here:http://www.postwarlionel.com/c...in/postwar?ITEM=1101
I have the 1110 'Scout' locomotive with the same wheel arrangement, smoke and Magne-Traction, but no ornamental bell, whistle and no headlamp.
I still have it and I still love it, especially that my maternal aunts ordered from Santa Claus four sets, one for each of us boys, of the family, for Christmas of 1950.
These are great little work horse locomotives.
Ralph