Originally Posted by
Airburst
It could also be the Raleigh-specific hub issue mentioned in that article. Basically, some Raleigh hubs don't use locknuts, one cone tightens hard against a shoulder on the axle, and the other one is just held in adjustment by the axle nut. Obviously, with the wheel off the bike, there's nothing to keep the cone from moving.
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This bike appears to post-date the Philips hubs without locknuts. One clue would be if the front hub is aluminum. The no-lock-nut Philips hub was steel. In any case the hub bearings (cones) need adjusting, or while you're at it an overhaul.