To add to this.
Since your 1955 is most likely an A casting with no access hole (like mine).
Here is how I lube my machine. ( i don't want to drill an access hole in my machine)
When I am ready to lube.
Adjust the machine speed to High (This will help to remove the belt later)
Clean the outside of the machine
Put in drill press mode
unplug your machine
Install the table "Backwards/upside down" so the table is beneath the motor pan.
Adjust the table height so when the motor pan folds down it can rest on the table.
Place a piece of scrap plywood or cardboard on your tale to protect it.
Make sure machine is unplugged
Loosen and remove the cover and hold up out of the way with some spring clamps
Make sure machine is unplugged!
Remove the drive belt from the motor sheaves.
Loosen and remove the motor pan and fold it down onto the table.
While you're here clean and inspect the inside of the machine thoroughly
Oil the heck out of the control sheave shaft.
Oil the heck out of the motor sheave shaft. Once mine have been lubed well, I can move the sheaves on the shaft by hand . It's not easy due to the spring pressure but I can do it. (If you can't move the motor sheaves by hand they probably aren't lubed well enough.)
Re-install the motor and put some more oil on the motor shaft.
let sit over night to allow oil to seep along the shaft.
Re-install the drive belt
Perform a high speed adjustment. (Watch out for flying oil!:eek: Any excess will come flying out at high speed!)
re-install the cover
reconfigure your machine as desired. Just remember to remove the table before you return from drill press mode.

DAMHIKT!!