Power steering locks up

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If you think about it, if the pump quit, you should still be able to turn the wheel, it would be hard to steer but you should be able to steer. So by that logic, the problem is above the steering box.

I've seen guys on old manual boxes, screw in the adjustments to try and tighten the box in an attempt to take slack or play out of the "wheel." Most of the time it will cause the steering to bind due to the wear pattern of the gears.