It is turned in till the drum and band are in contact, then backed off until they are just free from contact, this lifts the band and prevents it from dragging on the top side of the drum. Jim
 
Jim has it exactly. Here's my procedure to remind hme how to adjust brakes on my 1950 "H".
To Adjust / Tighten Up Brakes;
[To Move Brake Pedals Closer to Transmission Cover; ]
 Un-do bottom locknut on bottom of brake drum housing.
 Re-adjust bottom square-head bolt up firmly, then back down ~ ½ / ~ ¾ turn.
 Tighten the bottom locknut BUT NOT TOO TIGHT, you may rip it out.
 Remove cotter pins from clevis pins.
 Un-do the rear portion of the long brake springs.
 Remove the clevis pins to free up the adjustment clevis.
 Thread IN [DOWN] the clevis to tighten up the brakes. [1 full turn moves brake pedal ~ 1/8” closer to transmission cover.]
 Reassemble.
 Do each side evenly, so tractor brakes evenly left/right.
 

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