Chrsyler Seaking 15HP motor

[liferiders]

I recently purchased a Chrysler Seaking (montgomery ward) 15HP motor from an Estate Sales. It seemed to be in excellent condition and it looked like the previous owner took good care of it. I brought it home, cleaned the sparks, changed the fuel etc. However, whenever I pump the gas using the air bulb, the air is escaping! There is no pressure building up. I opened the hood and it seems like the air is not escaping from the fuel lines but somewhere under the section where the starter coil is mounted or is it from the carb? I am not sure. Do you have any suggestions or have you ever faced a similar problem? Not sure what needs be done. Any help would be greatly appreciated. Thanks!