New engine has loss of compression

Something just don't make sense.
I am with Rusty on this one.
I think the off shore gauge is not reading correct, but at least you know #4 is low.
Sounds like a valve was not adjusted right.

Also why did it it not start right up, the heads and pistons look really nasty for 3,000 miles. With a motor with a low cylinder it should have fired right off.

Maybe running too rich or rings not seated???

FYI my 360 mag with KB 107 with Eldebrocks has around 200 psi cranking compression.

It usually fires right up, it was sitting for a while so that would be why I would think it didnt fire right away. So being dirty looking what would have caused that? I have been trying to fight a rich issue, still working on the carb for that. But A few weeks ago all the plugs fouled and were completely black! so I would guess it was from that crappy fuel that I had, I looked at that too and could see that it was starting to clean up a bit as it was clean in some places (could be completely wrong about that).

And yea I am still wondering why mine is so low, if the rings weren't seated wouldn't I have other issues? Like oil consumption. It doesn`t burn any oil.