Well guys,
Thanks for all of the the help and suggestions!!! It turns out both bearings are bronze bushing bearings. One bearing is pressed into place with a threaded collar that is locked in place using set screws. The other is sandwiched between two threaded tommy collars. I took it to a local machine shop and got some help getting the thing apart. The good news is it cost me $10 and the bearings/spindle are both okay. Somehow the collar with set screw that locks the bearing in place tightened itself up and pinched the end of the bearing and washer into the spindle. I assume that the set screws weren't tight enough given that I see multiple circular marks on the threads where impacted by the moving set screw.
Do you have any ideas about what oil(s) to use? What is spindle oil and where can I find it?
Thanks,
Dick