The extra washers could be a result of the races turning in the hub, recessing further into the hub that originally machined.
When you go to remove the races from the hub, they should be tight, not able to turn in the hub. If they are a little loose, they will still work, but they shouldn't be really wallowed and recessed.
The other thing that comes to mind, there is a spacer on the spindle, looks to be part of the felt seal by the diagram Will Herring posted. It appears to be there in your picture, but when you get it all cleaned up, be sure it is there and not worn thin by the bearing turning against it.
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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