Southbend Lathe Question

I have just acquired a 10 inch Southbend lathe With a taper attachment. To engage the taper attachment I assume that the large handle with a screw thread in it is tightened and the cross slide nut disengaged. I am at somewhat of a loss about the cross slide nut. Directly in front of the compound and on the cross slide is steel part about .5 in diameter with a slot in it, also has a oil hole for the nut. How is this disengaged? Unscrew or what?

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