The armature is supported on two oilite bearings. The small hole between the two mounting screws is where oil can be added between the two bearings. I would suggest you tip the motor up slightly and add oil to that hole until is dripping out around the gear. Let it sit and continuing adding a little oil and see if that loosens the bearings up. Oil usually used on older Lionel trains is a medium weight synthetic engine oil. LaBelle 107 is the hobby version of this.
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