You didn't mention if you had a standard (non-adjustable) steering column or a tilt. Since tilt columns were quite rare in 1968, I assume that you have a standard column.
There is a bearing in the steering column head that fits into a housing. The lip on the housing bore is spun over to retain the bearing. There is also a round wire ring that is installed on the steering shaft that is below that bearing. If the bearing comes loose from the housing, it is possible that you could pull the whole steering wheel and upper column shaft (along with the bearing) up and out of the steering column head.
The following paper may be of help in diagnosing your problem.
http://jimshea.corvettefaq.com/wp-content/uploads/2011/02/67-68afstdcolumndr1rev08ap2009.pdf
Jim
There is a bearing in the steering column head that fits into a housing. The lip on the housing bore is spun over to retain the bearing. There is also a round wire ring that is installed on the steering shaft that is below that bearing. If the bearing comes loose from the housing, it is possible that you could pull the whole steering wheel and upper column shaft (along with the bearing) up and out of the steering column head.
The following paper may be of help in diagnosing your problem.
http://jimshea.corvettefaq.com/wp-content/uploads/2011/02/67-68afstdcolumndr1rev08ap2009.pdf
Jim