You have two location where you can adjust the parking brake.
One location is at the parking brake shoes inside the rear disc/drums. The other is at the compensating lever adjusting bracket, using either a 10 or 12mm wrench. Second option is probably easiest if the parking brake cable hasn't been adjusted too many times. A couple turns should pull enough slack out of the cable and the brake should feel snug within 5-6 clicks.
73 280 SEL 4.5
[This message has been edited by MikeTangas (edited 06-14-2000).]