That is a whistle unit. It is in place of a reverse unit. The only way to get parts is to get another engine with working whistle unit. Hard to find. The red slide was to change pitch or shut off maybe. Anyway it has nothing to do with motor running. You can just leave it off. If it hums, it could be a number of things. Start simple, cracked insulation, dirty/stuck brushes, broken/weak brush springs, dirty commutator with clogged slots. I have worked on quite a few of these, and most of the time it is one of the above issues. Good luck.
Chris