Folks:

Well the problem is solved.  It was the Forest City Brad Point bit after all. They have already send me a replacement.  The press is just great.  You want to hear something funny.  The Forest City bit cost about $18 plus shipping vs. a bit I purchased from Burns Tool in Fall River for $7.00.  Guess what ?  The cheaper bit runs perfect and does the same job.  Thank you all for your suggestions and help.  Regards, Charles