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WTF?!

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Just had another idea, is there a hole in the fork arch, if there is spray PB in there and let sit for awhile then grind off that bolt head, it's junk anyways. Take a drift and drive the bolt shaft down enough to release the pinch wedge from the bottom of the stem, then try to get the stem out of the head tube. Then use the Catfish method HEAT, HEAT, HEAT, might need a BFH blows. Post what ends up working so we all can use that method. Good Luck.
 
That’s the non serviceable typeTorrington Swan stem.
They were the popularly priced model.
Lol!

Drill the top off with a 3/16” bit, then hopefully you can get the stem out, then use vise grips on what’s left of the bolt.
Use plenty of Aerokroil penetrating fluid.
 
This is the before and after when using molasses and water
The last few pictures have a clear coat on it to keep it from flash rusting

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Well, that went surprisingly well...

Started with a small pilot hole to get me started...then used a 5/16" bit which is just slightly bigger than the 9/32" stem bolt shaft...wasn't drilling too long before the head popped off...then squirted an ample amount of liquid wrench into the stem bolt hole...hit it a couple times with a punch and the bolt un-stuck...turned the stem with the help from a seat post for leverage...and it came right out! Fortunately for me it wasn't too stubborn and I didn't have to add any heat. Check out how thin the bolt head is!!
 
Nice work! I was thinking that a drill was being too delicate — perhaps a simple disk grinder would have been my choice.
Is the fork a Snyder built part?
 
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