Jack: There were two different systems used on 340s, one had pump driven off timing gears and placed just below distributor the other had pump in the torque tube. The pump in torque tube, while not visable had pressure line up right side to the control valves.
Having said this the pump may or may not be your problem. Just trying to get a handle on which system and anything else that may be modified. I presume the control valve levers are at right side of dash, right or wrong? Is the tractor equipped with fast hitch? If you are refering to what I think you are, the block behind the seat is a check valve designed to prevent hitch from leaking down. Those do go bad about every 30 years, and a lot of folks have bypassed the check valve rather than fix it. I'm not sure whether the reasoning has been availability of parts or cost of those parts. Most IH tractors from that era had that check valve, thus I suspect parts are available.
I may seem a bit vague, however I a bit uncertain whether only rear outlets don't work or is it the whole system doesn't work. If nothing works, I'd be looking serious at pump as the problem. Tell us a bit more.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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