The belly pump reservoir is supposed to be vented when used with one-way cylinders. The hole in the cap is normal.
When one way cylinders extend, they suck oil from the reservoir, and air has to get in. As they retract, the oil gets pushed back into the reservoir and the air has to get back out.
If oil's squirting out, it's because you have too much oil in the reservoir. Only fill the reservoir with the loader completely lowered, to avoid overfilling.
Your hydraulic control has three positions, raise, hold, and lower. Being a 60-70 year old tractor, the hydraulic control valve is probably VERY worn, and you may not be getting it 100% in the hold position. It may also be leaking internally. This may be why the loader leaks down over time.
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Today's Featured Article - Talk of the Town: Winterizing Engines - To Drain or Not to Drain? - by Russ Berry. What is this strange attraction I have to equipment and machinery? How did I get this way? I came from the suburbs and own a small horse farm in rural Loudoun County, Virginia. You can call me a "weekend farmer." The local farmers do. Does it bother me? No. I am just happy to have their friendship. At least the word "farmer" is in my title. But what is the attraction? How can I explain the sensation and exhilaration I feel when I turn the key and hear the engine come to life (most
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