You are correct, the two plugs you removed are both drain plugs for the trannsmission and rearend assembly. The vast majority of the oil is drained out of the rear plug, while the front plug is for draining the small amount of oil held in a small depression at the front of the transmission. When the oil is up to the plug by the clutch pedal, then it is full. The tranny/rearend holds 6 gallons. The belly pump holds 6 quarts, there is level check for the belly pump, if it is empty, just add 6 quarts and it will be full. It is probably low because the pump seal leaks.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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