As others have said its to prevent run on when shut down hot. I have had two fail on my 706 over the years, the coil in them burnt out. When it is energized it acts as the needle valve to control fuel flow at full throttle. 560's had just a adjustable screw in place of the solenoid. You can by the screw and collar from CNH and install them in the 706 carb. Cheaper than a new solenoid but you will have no run on protection.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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