Jerry, 60 psi is a bit on the low side, but your TO should still start pretty good if all else is in good order. Did you do a dry compression, then do it again with a squirt of oil in the cylinder?Your symptoms sound like a leaky gas shut-off to me. When your up-flow carb. bowl gets overfilled with gas, your TO just won't start worth a darn because the gas can't vaporize as intended. If you run your starter long enough to draw some gas down to normal level, your TO will finally start, then run fine the rest of the day, with short down times, so the carb doesn't have time to over-fill again. Rebuilding the carb may, or may not fix the problem. The float/needle valve just isn't reliable/strong enough to insure no gas will leak into the bowl over long periods of down time... thus the need for a good shut-off under the tank. TRY THIS - next time you go to start your TO after sitting overnight, pull the drain plug on the bottom of your carb first, drain out all the gas (gas shut-off closed), then re-install the plug, open the shut-off, give it ~a minute to refill the bowl and start-er-up. If it starts right up - THAT'S IT. Also check your spark at the plug. You need a good, fat, blue, snappy spark. The #1 cause of run problems with these old 6V tractors is weak ignition. Yellow, thin spark is NO GOOD. Buy the way, if your not burning oil, and your wet/dry compressions are similar, you probably just need a valve job. You can do 90% of it yourself. Take the head to a machine shop to be cleaned and valve seats cleaned-up, that is ~ $60.00. Depending on your valve condition, you may need valves replaced/lapped/cleaned. The basic dis-assembly, cleaning, re-assembly of the head is easy to do with common hand tools. Sorry for the long reply - been there, I know what a 60 PSI engine runs like, ran one for years. George
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