I bought a 1968' 35hp Mercury outboard motor back in the early part of the summer. The guy I bought it from knew nothing about the motor (other than it had been worked on by a boat motor repair shop before he got it) and had never been fired up since. He gave me such a deal on it, I couldn't pass it up. I brought it home, did a bit of cleaning and had it up and running in a couple of hours. I put the motor on my 14ft fiberglass John boat and headed to the river with it. The motor starts right up and runs great out of the water. In the water, it doesn't get any RPM's in gear. I tried adjusting the throttle linkage several times, cause I thought there might be a problem there, but it's not. In the water, full throttle only makes the boat go as fast as 1/4 throttle should be. It's not the prop slipping, or else the RPM's would be going through the roof (which it's not). The RPM's just don't go up like they should. Out of the water, I can put the motor in gear and it will redline. ?????? I tried putting brand new sparkplugs in it cause they did look a bit damp after running it, but that didn't help. I took the carb off to clean it, but to my suprise, the carb was so clean inside, you could eat out of it. I drained and relubed the lower unit to make sure everything was spinning freely, so no problem there. My next step is the points or the timing (I'm guessing). I can't think of anything else to try on this thing. I've never messed with points or timing on a boat motor, so I'll have no clue on what I'm doing here. Any advice would be greatly appreciated. Thanks in advance.