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ok, when we were fixing on the braking system in our '72 f-100 4x2, we had just replaced a wheel cylinder (because the right side wheels didn't stop) on the front wheel, and when we started to pump up the brakes to bleed the system, i got the system pumped up, then we closed the bleeder, and then started to pump the system again when the master cylider started leaking like crazy... what would make the master cylider leak? because now there is no pressure from the master cylider. i'm sure the o-ring went but what in the system would make the o-ring go like that? the master cylinder is full of oil and pumping air.
It sounds to me like normal wear and tear.
The rubber seals on the piston can only last so long.
Many things come into play over time. Brake fluid is corrosive, also any moisture or dirt making it's way into the system over time will rust areas, and scratch surfaces. Hence the inevitable leak.
If the M/C is new or fairly new then it may be a faulty one.
So, go get your new one and install and all will be well, fortunately they are resonable in price.
The piece of mind having a new M/C is huge as well.
This subject came up recently in another thread. It was suggested that a block be placed under the brake pedal while
bleeding the brakes so the piston in the master cylinder would
not go past the normal range of travel (into the part of the master
cylinder bore that is not normaly wiped clean.)