Did water get in it? Water in the bottom of the oil pan? rusty looking spark plugs?
ATF soaking is as good as anything.

With the plugs out and the hood off you can see part of the chamber and part of the cylinder wall on an M. See if they have actual rust.
If they are rusty no amount of soaking or magic elixirs will free it up. You'll have to at least pull the head and see what you got.
 
FIRST thing to do is make sure NONE of the cylinders have water in them. If dry pull one plug at a time and fill the cylinder with ATF and put the plug back in. Once all 4 cylinders are full pour as much ATF down the exhaust pipe as you can. If you find water or coolant in any of the cylinders you will have to wick it out and then blow it out or the ATF will do no good. Then let ti sit a week or so. Pull all the plugs out and use a 12 volt battery and hit the starter button use short fast taps doing so and watch the crank shaft to see if it moves any. Most of the tractor I have had where locked up and I have free at least 30 of them doing this
 
For what it's worth an M doesn't have much value. If you can't get it unstuck without dumping a bunch of money in it, it may not be worth fixing unless there is some sentimental value in it. Here, a running one with OK paint, good tires and a loader it's a 1400-1500 dollar tractor. Without the loader 800-1200. So not really worth dropping a lot of money into one. Not like you are going to spend a grand fixing it and turn a profit or much of a profit.

2 years ago a local guy here offered me an M. All hydraulic loader, very good tin and decent paint. New rubber around, PTO hydraulic pump for the loader. Aftermarket power steering and 3 point plus tire chains. I didn't want/need it so I passed. He wanted 2400. He finally sold it about 6 months later for 1400. It was a good running tractor too. Real shame with the value of some of the old tractors today.

Not by any means knocking them. The were a great tractor. Just not of much value today, at least here where I live.

Rick
 
Thank you, yes it has much sentimental value to me. I am 14 and inherited my great grandpa's farmall, so i would like to get it running again.
 

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