In the float position it means the load can move to follow the ground. The hydraulics won't restrict its motion. Handy for the boom on a loader working snow. Lets the bucket follow the ground without digging in.
Power beyond is a port allowing feeding another valve (or sequence of valves each with power beyond) with oil under pressure.
Two places on line with tutorials about hydraulics: Burden's Surplus Center at Lincoln NE and Baum Hydraulics at Omaha.
You also need to know if your tractor has open center or closed center hydraulics and if it has a way for power beyond (most handy for open center) or places to tap and return for closed center. These details are important to make it work.
Lots of open center valves are special for single acting cylinders, but single acting cylinders are no problem with a closed center valve made for a double acting cylinder.
One way to get a valve that is versatile is to buy modules from Northern, Burden's or Baum and assemble a valve with the right end plates for closed or open center, then the right single acting and double acting (with or without float) for the other cylinders. You can build up a stack of 1 to 8 valve sections each different if you want. And its price competitive with the dedicated valve.
Some open center valves can be converted (with a $25 kit) to closed center, some can't. I don't know the farmall's hydraulics so I can say which you need.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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