I have a 54 chevrolet 1 ton truck with a 235 engine and Muncie 4 speed transmission. Transmission casting number is 591953.

In process of rebuilding 235 so everything is out. Transmission has been 'jumping out' of second when you hit a bump in road, let off gas, etc. Not every time, but often enough. All other gears, including reverse, are fine.

What is wrong/worn and how do I fix?