Drain holes in the clutch housings of many of these old tractors have a cotter pin in them that jiggles around during tractor operation and thereby keeps the hole open.
In that situation, a engine oil leak at the engine's rear crankshaft seal or transmission oil leaking forward into the clutch housing will find it's way down to the drain hole and "mark" the tractor's territory.
Today, we expect everything to be clean and sanitary, but "back in the day" nobody freaked out about a few drips of oil on the ground/floor every now and then.
NOT sure what you are looking at the has a cotter key/pin in a drain PLUG, although I have seem various machinery with a fill/vent plug with a cotter key through between flats to keep the vent hole open, just like the previously mentioned keys in drain holes.
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Today's Featured Article - Restoration Story: 1964 JD 2010 Dsl - Part 2 - by Jim Nielsen. Despite having to disassemble the majority of my John Deere 2010's diesel engine, I was still hopeful I could leave the engine-complete with crankshaft and camshaft-in the tractor. This would make the whole engine rebuild job much easier-and much less expensive! I soon found however, that the #4 conrod bearing had disintegrated, taking with it chunks of the crankshaft journal. As a resul
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