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 - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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