Yes, that is where the brakes are. The seal on that shaft is leaking and that is why your brakes don't work. They have oil on them.
(I am working on '59 Big MO 400M with the same problem.)You need to remove the bolt that goes into the brake housing from the pedal linkage. It has a locknut against the clevis. There are 3 bolts in that cover. They have spacers on the back side that support the brake components themselves. There will be a lined brake disk, an assembly that I call an actuator that wedges apart and applies the brake and another disk. The seal that you need to replace is in the bearing cover behind all these parts. There are 3 1/2" nuts holding it on the tractor I am working on. After removing them, take 2 of your long bolts and put them back in the holes they came out of, but not far enough to contact the threads. What you want to do is pinch that cover between 2 bolts by twisting them toward each other so you can pull the cover out of its seat in the transmission case. It usually leaks some. There will be some spacers behind that cover that must go back in.
After you change the seal, you need to wrap something around the shaft so the spines won't cut the new seal as you slide it and the cover back over the shaft. I use the flat side cut from a 2 liter drink bottle. You will need some new disks if yours are oil soaked. I got a set off Ebay, but Welters 417-498-6496, Everett 740-922-3335, Baucom 1-800-658-2309 or most any AGCO dealer can get them for you. I have cooked the oil out of riveted disks before-just put them on a piece of sheetmetal on a hotplate set on High and let them smoke for about 1/2 day. This doesn't work on bonded linings, because if you get them hot, the glue lets go. One thought: In the cover that has the seal there is a drain hole that is supposed to drain any grease that works through the seal to the bottom of the case without causing problems. That hole needs to be open-it tends to choke up with brake dust- and oriented downward when you reinstall the plate. Another thought: I worked on a '62 jetstar that someone had drilled 1/4" holes in the bottom of the brake housing. I guess if it leaked much, the oil would run on out. My last thought: Every part that has grease on it needs to be cleaned. The actuator can be taken apart by removing the links on the bottom and the springs. Don't outsmart yourself by greasing the balls when you put it back together. That makes them attract brake dust and get sticky. When they stick your brakes hang.
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