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That looks just like mine – pulled out of a trash pile by my grandfather. One of the long gearbox cover screws was snapped off in the motor housing. He was going to strip it down to scrap, but I spotted it in his pile before he got around to it.
Drilled and tapped the screw hole (very carefully), cleaned and re packed the gearbox with grease, and blew the spiders out of the motor. Thing has been running for 10 years since. I don’t use it very much, so I haven’t even replaced the motor brushes yet.
These old saws are under powered compared to the modern versions, but for free (or nearly) who gives a rip? I cut timber joints with mine, so a slower cut is actually good.