Jack: There were two different systems used on 340s, one had pump driven off timing gears and placed just below distributor the other had pump in the torque tube. The pump in torque tube, while not visable had pressure line up right side to the control valves.
Having said this the pump may or may not be your problem. Just trying to get a handle on which system and anything else that may be modified. I presume the control valve levers are at right side of dash, right or wrong? Is the tractor equipped with fast hitch? If you are refering to what I think you are, the block behind the seat is a check valve designed to prevent hitch from leaking down. Those do go bad about every 30 years, and a lot of folks have bypassed the check valve rather than fix it. I'm not sure whether the reasoning has been availability of parts or cost of those parts. Most IH tractors from that era had that check valve, thus I suspect parts are available.
I may seem a bit vague, however I a bit uncertain whether only rear outlets don't work or is it the whole system doesn't work. If nothing works, I'd be looking serious at pump as the problem. Tell us a bit more.
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