How do I fix a loose stem bolt on my '82 Schwinn Le Tour?

Question

I recently adopted an old ladies model Le Tour and finally got around to giving it a good cleaning, when i noticed the headset was misaligned with the front wheel. I'm sort of a bike noob, but I saw a big bolt on the stem and figured loosening it would be the thing to do. So I tried it, and it worked insofar as to allow room for some back and forth give. Now that's where I'm stuck. The main bolt is now far too lose to grab hold of anything inside the stem.

I'm sure this is probably very normal, and I'm just not getting something. So if someone could let me know what I need to do to get the bolt to stick again, I'd appreciate it. I'm assuming there is more to the anatomy of the headset then just this long bolt?

This is an identical Schwinn stem to the one on my bike, if it helps: http://images.andale.com/f2/115/106/3561856/1132213352063_stem_schwinn_alloy.jpg

Answer 1

A stem uses two wedges that are pulled together by the bolt.  Pull the stem all the way out and see if the bolt still has the bottom wedge attached.  You may have over loosened it causing the bottom wedge to fall off.  If so, the bottom part should be inside your fork, probably resting on your brakes.  Turn the bike over to get it out.