Most likely, the transmission pinion shaft seal is leaking and has gotten oil on the brakes. Since the tractor is 50 years old, the brake linings are likely worn out too. Most likely you will not need to turn the drums. To get to the brake drums, you have to remove the final drives, so it's a fairly big job requiring lifting equipment or helper(s). There is nothing complicated here, but you should get yourself a parts manual and a shop manual. The main caution is support of the tractor while doing this. Due to the offset design, things can get unstable when the rear wheels are removed. Best to do one side at a time to minimize this problem. Also putting wedge blocks at the front axle so it can't pivot helps the stability problem. And while you are at it, replace the pinion shaft seals. You have to remove the brake drum from the pinion shaft to get to the one on the final drive side.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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