I scanned this diagram from the Blue Ribbon Service Manual (GSS 1278 - Hydraulics), which is invaluable if you start going into these hydraulics systems. They show the control valves, check valves, power steering, etc for the 240. They're on eBay all the time and well worth the $$.
It shows that high pressure thru line P flows to the hitch piston, which at the same time moves the check valve, closing off any passage to the return low pressure side. Therefore the hitch cylinder can't drop, even when you let off the control valve. When you reverse the lift control valve, high pressure goes to line Q instead, which breaks the check valve's hold, and also pushes the lift cylinder back down. If the O-ring on that check valve piston is gone, the high pressure will flow around the leaky piston no matter what position the control valve is in, and who knows what it will do?
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Today's Featured Article - The Day Tractor Lovers Dream About - by Angus Crawford. The day started at five o'clock on the morning of Friday, the January 29, 1999. My father, my sister, my uncle, my cousin and myself all climbed into my uncle's Toyota van. It was six thirty in the morning and we had a long day ahead. We traveled for six and a half hours to our destination - a little country town with a population of no more then one hundred and fifty people (57 of them being children under the age of thirteen). We arrived hoping to meet up with a man we knew had over one
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