It must have some kind of driveline protection... keep looking. Try it again, but leave the PTO running after the beater stops. When smoke starts billowing out that's where the slip clutch is. What I think is wrong with it is possibly a sheared woodruff key somewhere near the beater shaft. You didn't state whether or not the floor chain keeps moving. Secure the beater so it can't turn, and stick a long bar through the PTO U-joint and have an assistant watch the driveline while you turn it.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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