[68panelman]

Thanks for the reply.
Actually today I was on the phone with a local guy who rebuilds electric motors and sells them, and he's going to check it out for me he says it's probably a capacitor, or some other gizmatchee. So I took it off today and found this under the base, I'm assuming this is the capacitor? Or the malfunctioning piece?
There is no gearbox, just an pully drivin arbor to electric motor pully, all spin freely.
I also ran the numbers on the base of the drill and it dates to 1956. Cool