930 steering problem

I have a 1962 comfort king 930. About a couple of months ago I discovered I had water in the steering box underneath the steering wheel that was icing up causing me not to be able to turn it. so I loosen up the side cover down there on the bottom and drain the water out and replaced it with gear oil. I got it going yesterday and discovered that my steering was very loose (turn a full turn to make it move) then noticed the steering shaft is moving about an inch up and down. Anybody tell me what may have loosened up or broke to cause this!? Thanks
 

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