Your 340 has an open center system. You will want an open center hydraulic valve.
Open center means that the fluid circulates under low pressure when all the spool valves are in the center position. This is how early hydraulic systems worked. If flow is blocked and can't go anywhere such as through a motor or into a cylinder, the relief valve pops off and relieves the pressure. If the relief valve fails, hoses blow, pump housings split, etc..
Closed center means the hydraulic fluid stays at high pressure and does not circulate. It is a much more complicated system requiring a variable-displacement pump and an accumulator, but it provides instant response to the hydraulics. Most tractors made from the 1980's on have closed center systems.
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Today's Featured Article - Product Review: Storm Covers - by Staff. We recently had a chance to try out the new Storm Cover for the Ford 9N, 2N and 8N tractor that is now being re-introduced to a new generation of Ford N-Series tractor owners. Originally produced more than 40 years ago, it is now enjoying a reproduction run that has been licensed by the Ford Motor Company. An original storm cover was used for the pattern, and this reproduction cover is indeed exactly as the original (of which we had previously only seen pictures of in miscellaneous old sale
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