The small mica insulator is where the leader is pointing to the forward most center location. Below the upper bridged assembly and the aluminum diaphragm plate.
The WE 329 shown in the above reply uses the older rubber washers on a diaphragm that is physically mounted to the carbon capsule by way of a threaded screw and nut. The 329 is the only 300 series transmitter to use the rubber washer. This, to the best of my research, is because the 329 is identical to the 229 except for in some way being electrically insulated, the improvement from the 229.
All WE 200 series, Kellogg, SC and AE transmitters used the fixed diaphragm and rubber washers to keep the diaphragm off of the faceplate.
All WE 300 series transmitters (except the 329) used a loose or floating diaphragm held between the face plate and carbon capsule using a baked, varnished muslin washer on the face plate and a small mica disk between the carbon capsule and the back of the diaphragm.
The 300 series diaphragm is unique in that it is not flat. It has a protruding edge or lip on the front side that is the only part of the diaphragm to contact the muslin washer (which is a hard and electrically insulating contact area). The ratio of the area of the contact lip with the rest of the diaphragm surface area is large meaning almost not of the sound vibrations created by the diaphragm are lost to contact with the face plate.
The 300 series diaphragm also has a small indented cup on the back side to hold the mica disk in place (another hard and electrically insulating contact area). That lets the diaphragm transmit sound wave vibrations into the carbon capsule with minimal attenuation from face plate contact and concentrated to the carbon capsule by way of the small small mica disk, the only part of the back side of the diaphragm making contact with the rounded point of the carbon capsule rounded metal "point."
The free floating diaphragm WE 300 series transmitter using the muslin washer and mica disk must have greatly improved the transfer of sound waves hitting the front of the floating diaphragm into the carbon capsule to both increased sound and clarity.
Without the mica disk between the carbon capsule rounded metal contact point and the diaphragm, it would be metal on metal contact which apparently WE determined was not the best way to make these transmitters.
The transmitters in the image below are from the 1923 WE Apparatus Catalog (from the TCI Library) lists some but not all transmitters using a baked muslin washer. It is always best to take the transmitter out of the cup to see if two spring fingers are holding a rubber washer in place (200 series plus the 329) or no spring fingers indicating a 300 series baked muslin washer between the lipped floating diaphragm and the face plate.