Before shelling out the cash for a new regulator, be aware that two terminals on the regulator (besides the "F" terminal) have to have voltage to them before the regulator will "kick in", and send power to the alternator's "F"ield.
I don't have a diagram, "at hand' to tell you which terminals, though!
Also, you can try (battery disconnected) removing the cover from the cutout, and shining up the field relay and voltage regulator contact points with a clean white piece of cardstock, followed be a shot of (dry) compressed air to get rid of any "lint" from the paper.
Put the cover back on the regulator BEFORE connecting the battery back up.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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