It's funny, I had a bit of nostalgia to see if creative magic lived on and I saw this. I was actually there in 1975 when this was made. It was designed with a hollow plastic globlet and the silks were anchored together with a piece of colored plastic. When the silks were placed in the goblet, they dropped down through the hole at the bottom into the hole in the black removable board.
When they went through the hole, they would be at the apex of the rubber band. When the metal rod on the outside (pictured above) was depressed, it pushed the rubber band away, and pulled the silks with it, through the goblet and under the board.

Creative Magic was actually one of the ONLY ACTUAL manufacturers of their apparatus. I was there when they used silk screening on collapsible magic tables and even sold to tannen's magic in NYC. I lived in the next town over, Freeport, and they were off Merrick boulevard.

Great company, too bad the art began to die out.