It's a vacuum operated petcock, so for it to work in the "ON" position, it has to have the vacuum hose attached to its port and to the correct port on the carburetor, and the vacuum diaphragm and valve need to be operating properly.
Don't park it with the petcock set to "Prime" or you risk filling the crankcase with gasoline if a float valve decides to not seal completely.
Welcome to the board, Cyrus! (you may want to make the location in your profile a little less specific)
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