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Hi,
If what Bill and Chris is true I'd try to get hold of an old squirter (if possible, otherwise buy one) then open it to see what the ball looks like and if it's magnetic as you mentioned the 'item' is. If that matches up then the story is known. No idea though if those squirters have changed over the years nor if they are prone to failure.
Wonder if the oil pressure, at some point in time, could have gotten to high so that the ball was pushed out from it's location (or would it have to be sucked out) ?
Michael
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