I think barnyard is right on the money about your valve leaking by and letting the loader cylinders settle. The rest of my points do not change this. The valve no matter the type passes fluid when you operate it and then when centered holds that fluid from passing back or captures it in the hose and cylinder. You say you have an ..original.. spool valve. You mean it is an original valve JD would have sold for that loader? I am just wondering if the valve may be an open center valve instead of the correct closed center valve I think that is correct for your tractor. On second thought I believe a 2640 may be a closed center or open depending on the serial number. Has the loader and valve been on the tractor and operating fine or is this a recent install. The response of the return pressurizing means it is an open center system or you have an open center valve on a closed center system.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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