I have not worked on a '50 Merc, but I suspect that box may be like a Ford. If so, there are four bolts that hold the two halves of the steering box housing together. They go up into the case from the bottom so you have to raise the car and get under it. They are in four slotted holes in the bottom half of the housing. Loosen all four of them and then gently tap the bottom half of the housing clock-wise as you look at it from underneath to increase pre-load. It only takes a little movement, so keep checking the pre-load after each slight rotation of the housing. Re-tighten the bolts when you get the feel you want.
Removal of the cap on top of the box does not reveal the back lash adjusting screw. The sector shaft does not move up and down to adjust back lash as on later model steering boxes. The back lash adjustment is by turning the lower half of the housing as described above. This causes the sector shaft and worm gear to move close to or away from each other due to the fact that the sector shaft is not concentric with the center of this housing. This whole process is really not as complicated as it seems.
You really should disconnect the drag link from the pitman arm (steering gear arm as called above) so you can get a good feel in the steering wheel for pre-load. You want just enough to be certain that you can feel it on the middle of the left and right extremes. There is a prescribed amount of pre-load for this, but you would have to use a scale and all that which you probably don't have. If you merely jack the front wheels off of the ground, it is almost impossible to get a good feel for it due to the drag of the steering components.
All steering boxes are made such that as you rotate the steering wheel away from the center(as if you are making a left or right turn) the back lash will increase. this is normal and it is designed to do so. If you cannot get a slight pre-load feel in the center of rotation, then that means that your sector shaft is worn and you will have to replace it or just opt for the best comprmise you can attain.
This procedure is directly out of the Ford manual. Good luck.