I'm going from memory here. But as I recall compression for a healthy C123 should be 80 - 85 psi or so.
What's more important however is CONSISTENT compression readings cylinder to cylinder. If compression on #2 is about 10% or more less than the average of the other 3 cylinders there's a problem. But it could be as simple as incorrect valve lash on the problem cylinder.
Were the tractor mine, and if the engine otherwise starts/runs OK I'd check the valve lash, put the hottest plugs I can find (Champion D23, Autolite 388 or similar) and go ahead and use it "as is" thru the winter.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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