Ford 4000 Select-O-Speed problem

I recently bought a 1964 Ford 4000 backhoe. It had some busted gears in the differential, but we used the hydraulics to get it on the trailer, so I figured it was worth the $2500 I paid.

After I got the differential back together I have an issue with the Select-O-Speed transmission. It works fine in both reverse gears, but goes forward very slowly. The engine speed doesn"t seem to matter. It drives the same speed in gears 1 through 6 or 7, then stalls the engine in the higher gears.

When I checked the fluid level I found the tranny full of water. The previous owner apparently popped the top trying to figure out why it quit driving, and didn"t bother to tighten it back down.

It still drives the same way after draining and filling with UTF. Anyone have any ideas?
 
(quoted from post at 21:35:28 08/16/14) It works fine in both reverse gears, but goes forward very slowly. The engine speed doesn"t seem to matter. It drives the same speed in gears 1 through 6 or 7, then stalls the engine in the higher gears.

Welcome, Gary!

To get anywhere close to an answer to this, we need to know exactly what it's doing in which speed ratios. It sounds as though it's possibly a control valve issue, but it could be something like a busted shaft given the fact that the differential was also in tatters.
 

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