Cold compression test on the 23 touring. I didn't want to run the engine indoors enough to warm it up. With all the plugs out and the carburetor off, I cranked about a half dozen times on each cylinder. The 35, 35, 36, 35 was cranking dry. After a couple of squirts of oil in each cylinder, the numbers became 37, 38, 40, 47. I guess there's some leaking of both rings and valves, and the big change on #4 means rings more than valves on that one. Does that make sense?
Time for a ring and valve job.
The numbers before you squirted oil are all very close, so for there to be a valve seating problem all the cylinders would have to have it (seems unlikely to me). Why #4 went up more than the other cylinders after the oil is a bit of a mystery, was that the cylinder that you oiled first? Maybe its oil had more time to spread around the rings and seal them up before you checked the compression again.
Since you're checking the compression cold, your numbers don't seem out of line to me, here are a couple of earlier threads on compression testing:
Are you turning it over with an electric starter? If you are, be sure you have the throttle wide open. If you don't, you're compression readings will be artificially low as you will be pulling a slight vacuum in the cylinders and not getting a full charge of air to compress. Just my 2 cents...
Why don't you start the engine and warm it up, then repeat the test and see what you get? Seems to me to run a test on a cold engine that's been sitting for a while could have a lot of variables mixed in the results.
I don't know what your altitude is but the compression will be lower at higher altitude. I don't think you will get a very good reading when the engine is cold. This would especially be true if it hasn't been run for a long time. It could also vary according to how much oil you squirted. The oil is only supposed to coat the rings to help them seal. If you put too little in cylinders 1-3 they could still read lower. Likewise if you put in too much in #4, you could have decreased the size of the combustion chamber and the reading would be high.
When doing a compression test make sure the throttle is wide open. With them all being as even as they are I wouldn't do anything to it without running it down the road a few miles and repeat hot (with throttle wide open). It also helps to remove all four plugs.
RE read Steve's post.
Yes, the throttle position is irrelevant when the carburetor is off the car. I'll take the car outdoors and warm it up, then see how it tests.
The warmed-up compression readings will be interesting and useful as a baseline for future comparisons.
If the car runs smooth and pulls well with four good plugs in it, that sure sounds like victory to me, drive the car and enjoy it!