I think there is a slot and a clamp at the bottom on the steering column where it attaches to the steering box. Perhaps your clamp is missing? Terry,OH probably has indicated the source of your grinding sounds, the upper bushing made of rubber, Here is a link to a drawing of the steering column and other parts from Mac Van Pelts site, lots of great info and parts.
http://www.vanpeltsales.com/FH_web/F...ar_1937-39.jpg