Either the spool in the valve is bypassing to the other port or a cylinder is bypassing around the piston quad-rings. Hard to say which one, though I would lean more towards the cylinder seals. The valve spool is a lapped to the vavle body and if it is leaking it must be replaced. If the loader is running off of the tractor remote valves and have quick-couplings, just unplug them and watch the bucket. If not, you could plumb a ball valve on each line and close them, if the bucket "relaxed" then it is the seals in the cylinder. Rebuilding the packing gland and piston in a cylinder is fairly easy. I take no responsibility if you use brass ball valves (cheap) and they rupture. But they should not if you do not deadhead the circuit (end of stroke). Hope this helps.
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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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