The Stovebolt Site Forums The Shop Area Engine Shop Fluid in my manifolds - Question for the Experts

I finally started my engine on friday. It is a 53 235. It fired right up and ran smooth and quiet. After letting it warm up for about an hour I adjusted the valves and then did the usual tune up procedures. The dwell is where it should be, the timing is set to the flywheel mark with the vacuum port plugged, and the idle mixture set with a vacuum gauge. I did a compression check before starting the engine. The readings were between 142 to 148 on all cylinders without squirting oil in the cylinders. The manifold vacuum pulls 20 inches at idle. This all sounds great, but now the trouble begins. When I pulled the hose off the intake manifold from the vacuum gauge a lot of fluid ran out of the hose. After letting the engine run for awhile longer fluid started to leak out of the exhaust manifold where the heat riser shaft runs through it. I shut the engine off and looked down the carb and saw fluid pooled in the bottom of the intake manifold. The exhaust doesn't seem to be the blue oil burning type of smoke or the heavy white smoke of steam. While the plugs are black but they aren't sooty or oily. The engine has only run at idle speeds. I replaced the valve seals with the umbrella type of seal. The fluid doesn't smell like gas or have the sweet smell of antifreeze. It is slightly slick and appears to be like dilluted oil, but I'm not certain. Has anyone out there seen this problem, or have any ideas what it could be? I haven't pulled the head on the engine.

has the engine been setting? Someone may have put oil down the intake to prevent cylinder rust? Rochester B carb? If so it is prolly fuel