Sorry to be the bearer of bad news but it sounds as if your control valve is worn out. IIRC there is only one O ring in the double acting valve and it is to seal oil from leaking out. Sounds as if that is worn out also. You would think they would last longer than 55+ years.
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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