Joe, I just took delivery of an old 14" AA Monarch today for my shop. I pulled the headstock cover off to check out the gearing and oil condition. I believe this machine to be about the same vintage as yours, the date on the plate is impossible to read. Anyway, the headstock bearings are fed by metered lube lines that I assume are fed by a cam or gear accuated pump, it was under oil so I won't know for sure until I get the manual for it. I agree that if you have oil leaking from the front of the spindle, then the return is clogged. I would try taking the cover off the headstock, removing the oil feed lines, and using clean solvent, flushing the oil returns out. Remember, what ever you put in there is going through precision spindle bearings, and that applies to compressed air as well. Keep it clean. When you have the cover off, take a minute and admire the transmission you are working on, WOW, thats a Monarch for sure. Huge helical cut gears, everything is just so massively built. After all these years, the gears were in excellent shape, and it runs very quiet as well. They are the best value for the money going. Paid only 1500.00 for this, and it's in good shape. Going to be doing lots of 316 Stainless steel. Well, hope this helps some. Bill