There are TWO different water valves- a swiveling bent-rod early type, and a later one that uses a flat piece of steel that slides in a cammed slot. But AFAIK they both leak only when a tiny o-ring seal fails inside the valve body (assuming the brass valve itself didn't crack!)
The o-rings are available from McMasters-Carr in So-Cal or from Parker O-rings. Its been 40+ years so I don't have part #s but removing your valve and tearing it down should give you the dimensions needed. Then you'll be good for another 50 years!