Make sure the pads are not rusted in place so they aren't able to slide freely back and forth, if rusted grind or file away that rust and lube the sliding areas. If that is all good or doesn't help, install new calipers and bleed. Also , those years had a common issue of rust starting in the brake hoses where the metal meets the rubber. There is a protective rubber sleeve over that part of the hose, and it traps moisture and salt which corrodes badly , but you cant see it til the hose lets go or you cut that sleeve off.
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Today's Featured Article - History of the Cockshutt Tractor - by Danny Bowes (Dsl). The son of a very successful Toronto and Brantford, Ontario merchant, and himself quite an entreprenuer, James G. Cockshutt opened a business called the Brantford Plow Works in 1877. In 1882, the business was incorporated to become the Cockshutt Plow Company. Along with quality built equipment, expedious demand and expansion made Cockshutt Plow Works the leader in the tillage tools sector of the farm equipment industry by the 1920's.
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