I am not gonna "BS" you.It is time to take it apart.
Probably either a rotted head gasket(MOST likely)or a block/head bolt thread issue(maybe).Probably UNLIKELY,cracked block.(Unless you froze it up with water in it recently???)
Issue COULD be due to electrolysis.Diesels seem to do this alot.Errosion due to low volume electrical current produced by diesel engines.I have seen MANY,MANY engines deteriorated by this!It will eat up metal,but WITHOUT rusting.
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Today's Featured Article - The Cletrac General GG and the BF Avery A - A Bit of History - by Mike Ballash. This article is a summary of what I have gathered up from various sources on the Gletrac General GG and the B. F. Avery model A tractors. I am quite sure that most of it is accurate. The General GG was made by the Cleveland Tractor Company (Cletrac) of Cleveland, Ohio. Originally the company was called the Cleveland Motor Plow Company which began in 1912, then the Cleveland Tractor Company (1917) and finally Cletrac.
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