I also have a Farmall 340, but will relate something on my Allis Chalmers CA. It was struggling under load (propelling me and it up grade on a tractor ride). I checked the flow, knowing old gas in the tank, a little water in the bowl, drained the bowl. Later it popped off a few times in the driveway then gave up. Looked like fuel in the bowl, but upon closer look, it was all water. Try fresh fuel. I peeked in my 340 tank and it has pitted rust, but not junk plugging the tank hole, well, there is the gauge float that obviously is no good. You may have already done so, but check the condition of the plugs. Not all plugs are created equal and fouled can give problems. Others more knowledgeable will chime in w/info also - great site this is. Tell me more 'bout your 340, lot's of 340 enthusiasts here, good luck and post back w/problems or solution you found to help others out.
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Today's Featured Article - Oil Bath Air Filters - by Chris Pratt. Some of us grew up thinking that an air filter was a paper thing that allowed air to pass while trapping dirt particles of a particles of a certain size. What a surprise to open up your first old tractor's air filter case and find a can that appears to be filled with the scrap metal swept from around a machine shop metal lathe. To top that off, you have a cup with oil in it ("why would you want to lubricate your carburetor?"). On closer examination (and some reading in a AC D-14 service manual), I found out that this is a pretty ingenious method of cleaning the air in the tractor's intake tract.
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