I'm sorry I mis-stated the markings. The petcock is marked ON, PRI and RES. not Run.
This is what mine looks like: it is a vacuum actuated petcock.
This Is the ON position: no fuel will flow unless a vacuum is delivered to the petcock-this is normal riding position
This is Reserve position: no fuel will flow unless a vacuum is delivered to the petcock
This is the Prime position: fuel will flow to the carb when ever the petcock is in this position. Fuel flow is always on in this position.