If the water is leaking out from around the packing gland it is most likely due to the nylon washer located in the packing gland. If the washer is crack, or damaged it will allow water to pass through, and leak from around the packing gland. The best way to fix the issue is to replace the washer. The washer can be located in the Arrowhead Brass PK1000 stem seal kit. The kit will also include the handle screw, the rubber seat washer, and seat washer screw. This is a complete stem rebuild kit, and should fix the issue.
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