Hi John, it looks like you have deep groove ball bearings, which don’t normally require any preload, however, in this type of arrangement, the bearing at the working end is normally clamp in position in the housing by the end cap, and the other end is free to move in both directions inside the housing, and this is to take account of expansion and contraction by changes in temperatures to prevent binding in the bearings. I’m not familiar with the Boxford tool post grinder though.
Regards Nick.