The motor in my 1916 T supposedly had not ran since 1944. The first time I drained the oil, about a quart of water came out first. I changed the head gasket and did a valve job. I put in fresh oil, and almost immediately it became milky looking like it had water in it. I have changed the oil twice more and it still looks milky. The coolant in the radiator is staying right at the top. Any body know whats going on.

There'll still be small amounts of water after draining, in various crevices etc. After the engine has been run for a few hours the heat should evaporate the rest of it. You don't say whether you've run the engine or just changed the oil, but with that amount of water having been inside, I'd be having a quick look at the bearings before running it.
I'd be curious about any corrosion. The original band linings would be damaged if they've been sitting in water that long.

I have changed the trans bands,and have ran it between oil changes It seems to run real good. I have not looked at the bearings.

Kent, there was probably some water in the pan troughs also. You may have to take it off and clean it out. Dave

You might want to look at our club web site www.mtcfsd.com to look at what happend to a speedster that had the same problem. It wasn't nice but it can be deal with, without removing the engine. Just check each item.
I would guess at some corrosion near the head gasket after sitting for 55 years...

Tony,I don't see any thing about a speedster at that web site. Could you tell me the items to check? Thanx

Kent,
try <www.mtfcsd.com> and on the left side of that page, click on
"There is an account of a cylinder head gasket failure during the 2009 Speedster Run".

Dave

If the car was parked with the coolant in the radiator, any small leak would cause water to get into the cylinders and down into the crankcase. It would cause the rings to rust and make grooves around the cylinders. It would also rust the gears in the transmission. You need to check all these areas, and also find out what caused the leak. If it was a bad head gasket, replacing the gasket should fix the leak if the bolts are the right length and properly torqued. There are also other possible causes, such as a warped head, spark plugs being out and the engine out in the rain. The worst cause would be cracks in the block or head. There is also water jacket above the valve chamber, and if it is rusted through, could cause water to get into the crankcase. In that case, the rings would not be rusted but the gears could be. With an engine having been sitting idle for this many years, it would be a good idea to dissassemble it completely and check every part for rust and for cracks before driving it.
Norm

On the 22 touring, the block rusted out in the valve train area and coolant leaked into the oil that way. I took the engine out and repaired the holes with a spray steel procedure from work and I was able to keep an original matching engine and frame number.

ANOTHER good idea to use antifreeze for the rust inhibitor factor to keep some of these engines that are hitting 100 year mark from rusting out.