Yes. Pull the rubber dust boot back to see this snap ring - it prevents the piston from coming out of the MC cylinder bore. By bowl, do you mean reservoir? The reservoir must have brake fluid (DOT 3 rating [DOT 5 is silicone and used only in a system designed for it - do not mix the two]) no other liquid will do. If perchance a solvent has been added, the primary cup (and every other rubber component) will be swollen and preventing the primary cup from uncovering the compensating port. Let's hope this is not the case.
BTW, this is for all car nuts: Auto Service and Repair by Stockel is an excellent book that should be in the hands of all vintage car DIY's. Out of print now, if you see one at swap meets or yard sales (or any where else - Amazon?) BUY IT! It explains each mechanical component and then has an easy- to- follow trouble-shooting guide for each system in the car.