Pingman: You need to pop the switch cover off the solenoid mechanism (2 screws on the bottom) and clean about 50 or 60 years of accumulated dust/junk/whatever out of there. You should also clean the sliding contacts off with some alcohol on a thin piece of cardboard to clean them up - think matchbook cover cardboard here.
Once you get all the gunk and junk out of the operating mechanism, it should work reliably again. While the operating module is removed from the base of the switch, make sure the swivel rails move freely, if not free them up as well. Also clean the two contact pins on the bottom of the turnout base that make the electrical connection with the solenoid base when installed. Once the operating solenoid is clean and free to move and the swivel rails are free, the turnout should "snap" closed both ways with 12 to 15 volts applied. Be sure you line the "pin" on the solenoid slide with the hole in the swivel rails when re-installing it.
