Check compression on all cylinders by turning he Engine with a starting handle if you don't have a pressure gauge, you may find two compressions down and in that case suspect a Head Gasket initially, until you have had a look at it. also are you sure that the Plugs leads are on the right plugs, they can run after a fashion wrongly wired. From how you describe the water level rising and falling I would suspect a pressure leak, either the Head Gasket or the Head itself. It could of course be a Sleeve gasket that has compressed and it would look like it was a Head gasket leaking, but you would need to check the sleeve "stand-out" from the Block Face for that...John(UK)...fergusontractors@hotmail.com
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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