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that is the clamp to hold the crane down onto the track when stationary. normally it is folded up and held by the little brass piece but when using the crane you would lower it and clamp it to the track.
that's it. i'd replace it if i were you.
SantaFe,
Awesome video! The soundtrack alone is well worth it ... love those steam piston / whistle / hissing sounds!!!
TJ