Typical old truck hydraulic brakes. I have a 77 IH that does pretty much the same thing. Has a small leak somewhere in the system (pretty sure it's a wheel cylinder). I only use the truck for harvest but do need something when getting it out and back in the shed when moving other equipment.
MC might be dry after sitting for winter or a couple months in summer. All I do is fill it up anytime I move it and just figure on using the parking brake for moving it that time. So far it has gravity bled and when it comes time to go to work I have brakes for harvest.
Don't know what your endgame is with the truck but unless you are gonna be in tight quarters with people don't worry about it, You will drive yourself batty trying to keep those brakes working 100%. If you intend to use it as a long distance driver or daily rip out the whole system and put in dual brakes, and do the whole thing from master to all the wheels and replace all the lines. If it's for seasonal use just live with it and make sure your parking brake is up to snuff.
JM2CW this is just my opinion and of course not a official recommendation.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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