Phonoland

I have an old GE trimline 500 stereo that seems to be in working order except that the tone arm is loose on its base. I don't know anything about electronics but it seems like a simple fix, if I could find a replacement part. Any help or advice on this would be greatly appreciated. I don't know if it is worth repairing, but I want to try. It was in my family for a loooonnnnng time and was just recovered from the garage attic. Also it is missing the part that slides down over the spindle to play 45's.

If the cartridge is missing, the arm will raise up like that, since those units have spring counterbalances.

These units ar4e a dime a dozen. You could find a similar one on eBay for a pittance.