Recheck your 8698535 casting #.
It should start with a 3.

Could be 3699535,
Used from 1946 thru 60
on 3/4 & 1 ton.

The stamped number Denny posted is what you need.

Codes for a 1949 Rear axle
http://chevy.oldcarmanualproject.com/chevyresto/4858.htm


-Tom

1950 Chevy 3100 w/ 1956 235