I don't know if the car has the wrong cap on it, but on top of the power steering cap in a '64 Electra, it says "use transmission fluid." What? Was that used back then instead of power steering fluid?
There was no such thing as power steering fluid back then. Automatic transmission fluid is the proper fluid to use.
Wow-I didn't know that. You learn something new every day! So what year did power steering fluid come into use?
Back in my late teens I had an old caviler that had a tranny and power steering leak. I was just a broke kid and couldn't afford to fix either so a $4 jug of ATF to fill both reservoirs every couple days was as good as it got lol.
You'll find for your early to mid sixties stuff that ATF is actually better than modern power steering fluid which is too light. If your steering squeals a lot when cranked during a parking maneuver, then you may want to try Dextron ATF. In Fords, always use type F in the power steering, otherwise they'll squeal like pigs.