How do you adjust the carb. The 1914 T is running too rich and using way too much gas.
The other end of this knob should be attached to the needle valve of the carburetor. Turn the knob clockwise to lean out the mixture.
If the car starts well with the knob in its current position, mark or remember what that position is before you start leaning it out, you may have to return to that initial position to start the engine when the engine is cold. The car should start fine on a leaner mixture when the engine is warm.
As additional info, the MTFCA website encyclopedia lists the following as original carbs in 1914
CARBURETORS: Kingston “four ball” or Holley Model G.
That thing sticking up on top, with a rod through the firewall, is the adjustment. With the car running, turn it down (clockwise) until the engine doesn't run as well. Turn it up until the engine runs better, and up a little more until it starts not running as well. The adjustment is between those lower and upper positions. Try it right in the middle of where it runs best, then turn it down again until it starts to slow again, then back off a little. You can experiment with various adjustments and see what works best for your particular car.