Classic/Antique Car Repair: No engine compression, table spoons, piston rings

Question
I have a 33 Pontiac straight 8 all cylinders but one have good compress. That one has no compression. Car set for about 2 years but I have run the engine 3 times in 4 days.A just deciieded to check compression All have about 60 LBS PSI. What are my options. Thanks

Answer
That sweet old Pontiac 8 was about the smoothes running engine on the road in it's day. That became a problem because when one cylinder dropped it was almost not noticeable unless listening close to the exhaust. Well here is how I would go on from here. I would do the compression test over again but this time add one or two table spoons of engine oil to each cylinder before taking the compression. Do this one cylinder at a time with all the spark plugs out. On the cylinder with zero compression if the compression comes up it indicates bad piston rings. If the compression stays low then you are looking at a hole in a piston or a bad valve. However if there was a hole in a piston there should be a puffing out of the oil fill cap and road draft tube when the engine is running. Either way then it is time to yank off the cylinder head and do a visual inspection and repair what ever you found.
Good luck.
Brad