Joined: Jun 2006
Posts: 1,441
Likes: 198
From: SW Virginia
Bikes: 62 Falcon, 58 Raleigh Lenton Gran Prix, 74 Raleigh Pro, 75 Raleigh Int, 75 Raleigh Comp, 76 Colnago Super, 75 Crescent, 80 Peugeot PX10, plus others too numerous to mention!
The "cone-like" item is in place of the wedge. It tightens up against the stem and expands it. It has to be released, same as a wedge. If it is till up tight in the stem, use the 7mm bolt to push it out. If it is just rattling around in the steerer tube, you are ok.