As was mentioned you are most likely pulling in air at one or all of the large suction line fittings. There are rubber seals in each one. You might get by with just tightening them all up but they are 70 years old now so you might want to think about replacing them. They aren't very expensive from Deere.
Another possibility is it's bypassing inside. Using the wrong oil will make it worse. I use 20 or 30 wt non detergent motor oil. It won't foam, works better and leaks less than anything you can put in there. It's in the motorcycle section at my local Advance auto parts.
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Today's Featured Article - Box Plow Blues - by Tom Schwarz. One of the first implements most tractor owners obtain is the box plow. For very little money, this piece of equipment promises to plow and flatten any hill or vale on your ranch road or farm. At least that's what I thought! As simple as a box plow appears, it can be rather challenging to make work correctly. In our sandy soils of Florida, traction is king. You can never have wide enough tires or heavy enough weights to get all the traction you want … unless you own a monster tractor. U
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