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Not positive on how they are put together but the screw may be bottoming out in the action.
The wood may have shrunk over the years or been crushed by over tightening in the past.
I would throw a washer or two under the head of the screw and tighten it down as a test.
If the action is tighter in the stock after the washer test, cut a few threads off the screw and you should be OK
JMHO
There should be a flanged washer preventing the stock screw from crushing the wood. If it’s long gone then you need to replace it. If it’s still there, install it backwards and tighten to test (as flyr suggested) .
A little piece of some old threaded lamp rod cut to the proper length and glued into place would probably solve your issue ( kinda like a poor mans pillar bedding ). A lot of these rifles stocks tend to get mushy over time with oil and other liquids getting down in the inletting.
You can glass bed or I just used a bit of epoxy stick. Dropped a piece in the front lug and tightened just enough to be snug. Left it for a few hrs and done. Nice new solid base for the lug to sit on and stock.is tight. Good luck. Should be an easy fix
Well, all these ideas work, but...it is a Cooey 600...
Remove the screw, stick a washer on, replace screw. You'll have a Cooey 600 with a visible washer under the screw head. Go and shoot the crap out of it for another few decades, and then repeat as needed.