Blind dart into the board tossing again...

Un Less this is a quill stem in a 1" threaded headset , The screw on top does Not. move it up and down Its your bearing adjustment

the 2 bolts on the back of the stem lock the bearing adjustment in place .

If a Quill stem you have a Wedge binding the stem inside the fork . removing the bolt does not loosen the wedge

Screw it back in leave it 1/4" up , put a wood block on the end of the bolt and hit it with a Hammer to loosen the wedge .

If it still wont move its seized see the 1001 ways to remove a stuck stem and seat post [Archives. Here].

It was left in too long and rust and corrosion have done their worst,. in combination.



You move the bars closer to you by Replacing the stem with another one ,

The horizontal distance is Reach , you want a stem that is shorter reach.

You can also just buy different pull back bend handlebars, too , Check with your Bike shop

you can hold in your hands a few different bars over the bike and get an Idea about how they'd feel.