From your description the two pulley halves on the motor aren't getting pushed together. First - unplug the machine!
Taking the belt off should allow the outside floating half to free up and get pushed into the motor side (fixed) half. If it isn't, with the belt off, look closely between the halves and make sure nothing is obstructing the outside floating pulley half from sliding in to the fixed half. It could be a small piece of wood, a broken or shifted snap ring, or a dog on the shaft binding the pulley. If nothing is obvious take it apart and find out what is preventing the free movement of the outside floating pulley half. On reassembly take the time to lube the shaft and pulley with appropriate lubricant (don't overdue it, keep the lube on the shaft and pulley bore only). Check the spring to make sure it is tensioned enough to put pressure on the floating half. Take care when removing the snap ring holding the spring on the shaft, the ring and spring could go flying.
If you do require a new belt, take the belt to an electric motor shop or an industrial supplier and get a solid machine specific belt, stay away from an auto type belt. I wouldn't recommend a link type belt for a Reeves drive based on my experience, any other opinions on that?
Last edited by Dan Gonzales; 07-07-2009 at 02:58 AM.
Whittier, CA, USA
Dona nobis pacem