Here's my most simple solution, which is extremely crude compared with Rodney's elegant wire stand:
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Spool is sitting on a paper spike, which has a weight underneath (1, which could be anything) to angle it toward the spool pin (2) which it wraps around and goes on its regular path. The cone doesn't spin (or it would obviously fall over) and thread must slip straight over the top.
Before I did this, I got a lot of twisted thread, which isn't good at all.

I have my cone hanging upside down from the chandalier. The cone is held by a binder clip that has a rubber band attached to one side of the binder clip "handle". The rubber band is attached to a large paper clip which is on the chandalier.

When I want to switch cones I just unclip the old one and clip a new one on.

I have three DSM and one of them has a little thread guide on top but the two others don't have athread guide so I tape a metal key ring or a paper clip near the spoolpin to use as a thread guide

There is another poster here who has theirs hanging from a curtain rod

I use one of my doll stands. Works great for me and it's adjustable. LOL

A long time ago, I had my machine set up in front of a window and used a wire coat hanger hung on the curtain rod and looped large spool thread through the hanger down to the machine. Then I purchased a thread stand which worked for a while but it had a plastic base which eventually broke (my nickname is Calamity John). Now I have a thread stand with a cast iron base I purchased at the local Sew & Vac. I recommend spending the few extra bucks for the cast iron base. On my Necchi BU, I do use a large safety pin on the extra spool pin held down by a magnetic seam guide as an extra thread guide so the thread doesn't pop out of the first thread guide on that machine.

I have 2 of the metal thread stands with the cast iron base, one stays at home, the other goes with me for sewing in the charity group. I tried all sorts of the homemade thread stands, mostly just lessons in frustration.
When I'm using the cone thread stands with my treadle machines, I use an empty bobbin on the thread pin; thread it through one of the holes in the class 15 bobbin.
Sharon in Texas

I to run an empty bobbin on the the thread pin when running large thread cones .... works great for my 306. I should also note that my thread stand was a dowel rod binder clipped to a book case near my treadle stand .

I wouldn't worry about wearing out an older all-metal machine like yours. It should be fine. I am still sewing on a 57 year-old Singer 401 A that only seems to increase in value. I just keep her cleaned and oiled and she keeps on sewing.

I put the cone of thread on the floor to the right of my machine. The thread comes up to the edge of the desk/cabinet and up to the spool pin. I was afraid of catching the thread on something, (I once dragged thread from the sewing room all the way to the ironing board in the laundry room. Oh, no!) so I rigged up a half a plastic bottle to hold the spool, and put a wire on that to hold it near the top of the desk. The wire is around the right arm (?) of the machine. Works well.

Sounds like to me that the cone is to large for the holder. Try stuffing tissue in it till it quits spinning. I've done it with mine and it works fine. No more spinning. No more nests. Good luck.

http://www.superiorthreads.com/video...livery-system/

Bob Purcell does a great job explaining cross wound spools on vertical pins. the only thing I like to mention is that THEIR thread is all stack wound on a spool and cross wound on cones, but a lot of thread from other companies comes on spools and is cross wound. So bear that in mind when trying to apply this to your own machines.

I have been using a thread stand like the one that Superior sells for a couple of years. All of my thread goes on it, except for the Pfaff and the long arm. agree with MacyBaby as to what's likely happening. I've seen that loop she spoke of on the embroidery machine. Saw it, couldn't get to it in time.