The spool is the item that the lever moves internally to direct the flow of oil to the desired location.
If you were to pull the spool out it is a round rod that has grooves cut in it to allow oil passage. It looks like an old thread spool you may have seen on your mother's sewing machine. Thus this is how it got the name spool valve. If I find a picture I'll post it.
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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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