I got my first full size (used) drill press today and I'm giving it the once over to see how well it works and what if anything needs replacing. So far the only thing I've found is the middle transfer pulley wobbles a fair amount when it's running. When off you can move it with moderate force. The manual calls the knobs on the side of the machine that appear to adjust it the belt tension lever and the belt tension lock knob. The middle pulley is mounted on a piece of steel bar that looks like it would pivot; and from the outward appearance it would seem that the large silver lever adjusts the pivot of the pulley and the smaller black one below it locks it in place. But after working the silver handle into all it's positions it doesn't seem to be affecting the middle pulley at all. Wonder what's going on here. Although the rest of the machine is in good shape I'm led to think something may be broken inside the body.

 

Actually, I think the silver lever moves the motor mount back and forth. You pull it toward you to loosen the belts and change speeds, then tighten it to run. (if my assumption is correct). The thumbscrew locks that sliding motor mount in place (should be one on the opposite side as well). The middle stepped pulley should pivot as you suspect, but if it wobbles you may have a worn out bushing/bearing.

I think maybe that white bolt would release the motor and allow the handle to move the motor back & forth.

What brand and model is it?

1 hour ago, DuckSoup said:

I think maybe that white bolt would release the motor and allow the handle to move the motor back & forth.

You may right, the thumbscrew might be holding the assembly to the column.

The thumb screw and the set screw hold the head to the column and the silver head screw holds the motor in place and the large lever moves the motor.  The thumb screw may interchange with the silver headed screw.  The center pulley is mounted on a pivot arm so the front belt loosens when it moves.  With the belts removed the center pulley and arm assembly should lift out for inspection.

Here is an assembly video.  At about 6:20 into the video is where you want to watch.