Most likely, the transmission pinion shaft seal is leaking and has gotten oil on the brakes. Since the tractor is 50 years old, the brake linings are likely worn out too. Most likely you will not need to turn the drums. To get to the brake drums, you have to remove the final drives, so it's a fairly big job requiring lifting equipment or helper(s). There is nothing complicated here, but you should get yourself a parts manual and a shop manual. The main caution is support of the tractor while doing this. Due to the offset design, things can get unstable when the rear wheels are removed. Best to do one side at a time to minimize this problem. Also putting wedge blocks at the front axle so it can't pivot helps the stability problem. And while you are at it, replace the pinion shaft seals. You have to remove the brake drum from the pinion shaft to get to the one on the final drive side.
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Today's Featured Article - Harvestin Corn in Southern Wisconsin: The Early Years - by Pat Browning. In this area of Wisconsin, most crops are raised to support livestock production or dairy herds in various forms. Corn products were harvested for grain, and for ensilage (we always just called it 'silage'). Silo Filling Time On dairy farms back in the 30's and into the first half of the 40's, making of corn silage was done with horses pulling a corn binder producing tied bundles of fresh, sweet-smelling corn plants, nice green leaves with ear; the
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