If it is slipping then it is splitting time. TxJim is right about that clip but if it has slipped then the clutch disks are more than likely shot. It does not take very long running them slipping. However before you split the tractor you need to check the pressures out to make sure what is going on. So the correct things are fixed.
You should drain the hydraulic oil and check the sump screen. If it is full of metal like stuff then the brakes have failed and that causes the charge pump to drop the operating pressure on the Hi-LO clutch pack. If it is clean put in a new filter and refill with hydraulic oil. Then you need to have it checked out with pressure gages. You will either need a repair manual or have someone that knows how to do it. It is too involved to describe on a forum like this.
DO NOT RUN IT ANY more!!!!! You can damage the Hi-Lo clutch drum, $1180 new, plus some other things. IF you have just blew the piston rings and need new disks then it is not too high of a fix. IF you keep going then it will get much more expensive.
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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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