350 Utility Leaking Flow Control Valve

Second posting; not sure where the last one went. The valve to the right of the operator's seat sprung a leak around the O ring. I don't know what this does as this tractor/backhoe/loader has no PTO, Torque Amplifier or 3 point hitch. The one lever doesn't seem to move very far?if it does at all. In fact, the O ring is around something that looks like a 7/8" plug resting on a spring so it may be some kind of pressure relief valve. The whole thing is held in place by an internal circlip. I replaced the O ring and circlip but the leak came back within minutes. Does that curved looking lever with the knob molded in as part of the end actually do anything?
 
That is (on mine) the fast hitch up down control. If it doesn't move it has dirt ot? crammed into the pivot point, or is stuck internally. Inside that toward the seat is the safety regulator valve (also power steering priority control. The Oring might have a nick out of it. Lube the new ring with vasoline when inserting it. If the handle is moved off center, and no hitch or connection is made to the valve, the system will be on demand into a dead end. Not good. Jim
 
Good info. It must be that safety regulator valve. When it first blew out I saw that the circlip (internal snap ring?) was actually broken in three pieces...I found two and the top plug with the O ring on it was sitting up at an angle. The last two times I've put it back together the same thing and when I looked again at it the snap ring was pushed up out of the bore in the same way. This does have power steering, which is disabled when I pull the shuttle valve back to send hyd pressure to the backhoe instead of the loader/steering. The O ring was definitely nicked but now I'm not sure if it was the cause or the result. I've had this for 14 years and never had to mess with that lever because it didn't seem to move anyway.
 
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