My neighbor brought over a .32 Double Action 4th Model, serial #86630, earlier today. It's a tight revolver but the hammer does not lock back in SA mode. Were these revolvers DA only or were they SA/DA?
SA/DA. Your rear sear is probably chipped. Try Gun Parts Corp. or Jack First etc. for parts. Don't use a file on the sear surfaces or it will get really messed up.
This is a common problem with old revolvers. Sometimes it is caused by crud (dirt, old oil or grease) Which gets on the surfaces necessary for single action cock to hold. Guys here often soak their old gun in a solvent. They have different recipes and will probably respond here. Loosening and blowing the crud out may give you a working gun. If not, you can look for damaged parts as Mike suggests.