No, Farmall M's run just like the others, 540 at full engine speed but if you have an aftermarket 9 speed on your M, that will speed up the PTO and Lift-All system. Do you have or have you checked to see if it has a 9 speed in it? M&W's have a rod that goes to the right hand side of the tractor, just under the belt pully. You may be missing the rod or even the lever but would still see where they drilled into the side of the transmission.
If you are in high speed and getting high PTO speeds, you will be getting high ground speeds in 1st-4th gear as well so its pretty easy to tell that way too.
I think there are other manufactures of 9 speeds besides M&W and they used cables, maybe somebody that has one of those units will speak up and tell you where to look for them.
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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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