I scanned this diagram from the Blue Ribbon Service Manual (GSS 1278 - Hydraulics), which is invaluable if you start going into these hydraulics systems. They show the control valves, check valves, power steering, etc for the 240. They're on eBay all the time and well worth the $$.
It shows that high pressure thru line P flows to the hitch piston, which at the same time moves the check valve, closing off any passage to the return low pressure side. Therefore the hitch cylinder can't drop, even when you let off the control valve. When you reverse the lift control valve, high pressure goes to line Q instead, which breaks the check valve's hold, and also pushes the lift cylinder back down. If the O-ring on that check valve piston is gone, the high pressure will flow around the leaky piston no matter what position the control valve is in, and who knows what it will do?
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Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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