A little history – I bought the 1973 bike in 1984 and vaguely remember riding it home. It looked like it had been through a war and had obviously seen a rough life in Ontario by the PO who racked up about 87,000 tough kilometers (54,000 miles). He was clearly not mechanically inclined nor was he a big fan of preventative maintenance. In a final leap of faith, he rode the bike from Sudbury to Vancouver, a distance of about 2000 miles, and left it with a buddy who ultimately sold it to me. I think I paid 800 bucks for it.
On second thought, possible frozen water damaged the bearing as the bike is from the great white north