Tascione

Greetings, I'm new to the hobby, and recently purchased an old Peerless lathe in very good condition. However, the spindle in the headstock is a bit tight, and when I snug up a collet, it becomes very tight and difficult to turn. There is a knurled round nut at the back that tightens up against a bearing, and I'm guessing that this nut would be loosened a bit and the bearing, which appears to be threaded on, could be backed off a bit. However, I cannot get this bearing to budge. Am I missing something, or is there another procedure? Thanks folks.

Well this old man figured it out. Doing some research, I learned that the knurled nut is an adjustment nut. However, the bearing would not budge, so after removing the nut, some light taps with a wood block loosened it just enough.