Here is a photo of the typical guts on a single action mechanical fuel pump. This one has a steel cover where yours is glass, but the function is the same. On the right, you see the diaphragm. This is moved by the cam shaft making contact with the lever on the back of the pump. This diaphragm movement drawls the fuel from the gas tank.
On the left you see the inside of the top of the fuel pump. The two brass circles are valves. One valve lets the fuel into the top. The other valve will let this same fuel be delivered to the carburetor. In your case, the glass top fuel pump allows you to see this fuel move from the tank to the carburetor.
The glass will not generally fill all the way up.
The screw on the top is holding the glass against a gasket between the housing and the glass. You might see occasional bubbles. If so, you should tighten this screw. You don�t want bubbles.
Hope this helps.
Hawk
