I've got the cones and the axle:

The bearings would be located inside the hub, correct? Unfortunately I don't have the freewheel removal tool so I can't get that off to properly inspect my hub; here's a picture of the hub from above.


The problem is that the axle rattles around in the hub, even when I move the cones and spacers around in different configurations. I can't seem to get it to a point where the axle feels securely in place inside the hub.