Loader will not hold

1969 mf 165 I do not know what model of loader. I do think it is likely original if anyone know what models of loaders they put on them at that time.
The loader will not hold position it drops at a medium speed as soon as you let off the valve when a Hay bale is on it. With no load it seams to hold position. I thought it was the cylinders so I had them rebuilt but it still drops. I suspect it has to be the control valve. How does a control valve work? I think they have check valves in them to hold position? Is that correct? If so how does the valve release when you want it to lower?
 

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