You want full voltage to the red wire, not resisted.
Those were known for a couple problems, most common was the center of the rotor burning through to the shaft, grounding the spark. Also the coil would burn through and short to the metal core piece. Try lifting the cap, see if there is spark coming from the carbon center when cranking. If spark is there, (and it will make a killer spark!) and not getting to the plugs, the rotor is probably bad.
If no spark, put the cap back on, crank it, listen for popping. If it's popping, the coil is shorting to ground.
Look under the upper cover, be sure the ground strap is connected from the coil case to the center terminal of the harness plug.
If no spark, no popping, gently tug on the 2 wires from the pick up coil. If one pulls out, it was broke where it goes into the pick up, replace it. Finally replace the module.
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Today's Featured Article - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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