Like the others have stated the contacts are stuck closed on the regulator. Leave the bat terminal disconnected and take the top off the regulator and you should be able to see which contacts are stuck closed. You should be able to clean the contacts the same way you would breaker points and get it working again. If not it will need replaced.
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Today's Featured Article - History of the Field Marshall Tractor - by Anthony West. Any restorer who has some knowledge of turn of the century farm machinery, will recognize the name Lanz Bulldog!! This machine was to say the least unusual in its appearance. The huge flywheel and coffee percolator shaped exhaust. Along with square body lines and cylinder head protruding forward of the front axle. Would become the visual differentiation that people would quote to separate the Lanz from other period machines. The Marshall company based at the Briannia Works in Gainsborough
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