For the later 10" thru 24" lathes, the manual specs 0.0007" to 0.0015" movement if you lift on the spindle using a bar and a 75 lb load, so I would start from there. If the older SB's are similar to later ones, the bearing caps have shims, maybe "peel shims", to allow adjustment. If your lathe has many layers of paint or is dirty, they might be hard to see. I've not seen a 1926 SB, but generally the drill is you would pull the bearing cap bolts, slide out the shim, insert a thinner one (or if its a laminated shim, peel a layer away), replace the shims and retighten the caps. If you're doing this I would pull the caps, lift the spindle and replace the felt oilers at the same time, they probably need it.
Jeff