It's possible that some part of the breaker points is touching the housing and grounding out. Maybe the condenser has gone bad. Or maybe the wire is touching something. If you take the middle wire that goes to the coil out of the distributer and hold it about 1/16 inch from the engine and crank it over, you should see sparks. Maybe not at the right time, but that's a good sign anyway. [If you're afraid of shocks use something insulated to hold the end of the wire]
Use a contininuity tester to see if the juice goes through the small wire between the distributer and the coil. If you snap the points with a screw driver, does it throw sparks? If the front piston is at top dead center, is the rotor pointing to the wire that goes to that spark plug? My 3 cylinder Ford has a "hot" wire that feeds 12V to the ignition only when cranking. It comes off the solenoid and by-passes the resistor. It then cuts back to 6 volts, which comes from the switch and goes through the resistor for running. Might be the same on a Major. I have one, buy I haven't figured that out yet. There are coils that can take 12 volts continuously.