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When you say it will not hold in place, do you mean stay in a certain position on the vertical bar? If it's like mine, there are two bearings made out of a reddish hard rubber material that are adjustable using a small allen wrench. These should be set so that the head just moves freely on the bar without wobble and without sticking.
I think these bearings need replacing on mine because even when properly adjusted I am getting some metal/metal drag inside the head when cutting heavy, resistant materials. I guess I'll be calling Gritsko too. Rick
That is is exactly what it is doing. It it well used and I think it just needs to be rebuild. I was wrong when I said it was a C&H, it is a Carruthers Signature!