To confirm the solenoid is functional attach a long jumper wire to the solenoid terminal on the relay with an alligator clip. Touch the other end of the jumper to the battery + post. You should hear the solenoid click underneath the car.
Here's a link to the official Borg Warner operator's/troubleshooting/repair manual. Ignore any reference to a reverse lockout switch, it was deleted early in 1951 in favor of a shift rod inside the transmission that locks out the OD when reverse gear is selected.