Clearly it is stuck open or partly open. Getting it closed is unlikely to achieve anything as it's almost certain to manifest the problem again. The shutter will need to be examined and cleaned at the least. I wouldn't recommend continually winding the camera with the shutter stuck open, it won't achieve anything constructive.
If portions of the shutter blades are visible, you might try dabbing them with a cotton tip moistened in lighter fluid. I'm not advocating this as a repair, incidentally. Rather, as a means of isolating the fault. If you subsequently cycle the speed selector several times, (what is it set to, you haven't told us?) or wind the camera a couple of times and the shutter then commences normal operation, it's fairly likely that the main fault is oil-contaminated shutter blades which can certainly cause this sort of behaviour. The fluid will break the surface tension on the shutter blades, permitting them to function normally for a period (maybe a few hours to a few days, likely the former).
If, on the other hand, lightly (and I do mean lightly) moistening the shutter blades with some lighter fluid makes no difference to the state of the shutter you can probably assume the mechanism itself requires attending to. In which case, a dash of lighter fluid to the blades is neither here nor there, as it will need to be stripped and of course cleaned, anyway. If the shutter runs off at faster speeds and sticks at 1/8 or slower this is especially likely as it is probably a sticking speed escapement that is the problem. If faster speeds are affected as well, this points to dirty blades or another fault, as they will cause malfunctions not limited only to the slower speeds.
Either way, it requires some skilled TLC.
Regards,
Brett
