ford 340b PTO

Its either pto brake worn out,its a 3/4 inch square bronze pad or discs welded together. Both require split at trans/rear axle.
 
With the PTO Off use a 2x4 and pry against the pto shaft to stop it. If it stops easily it is your pto brake. If you can't easily stop it from turning it could be as Shuan says, your pto clutch has problems or, it could be the control valve is sticking.
If it is the clutch pack it requires a rear split and lift cover removal. If it's the control valve it can be fixed by pulling the lift cover.
That brake is kind of weak and cheesy. There are many guys here with that brake worn out. As long as it shuts off with an implement hooked to the pto they just live with it and shut the engine off to hook/unhook the pto.
 

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