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You need to back the nut off and put some more packing in. Chances are that the shaft has got rust pits and is worn and no matter how much packing you put in you will never get it to seal. At this point you could try as suggested above and put the correct parts on if you have them and see how she runs or rebuild the pump with new bushings and a stainless steel shaft. Most the bushings and shafts are standard on the shelf sizes.