Don't know the specs on a 50+ year old tractor but things were made differently back then for sure.
Maybe the reservoir is partitioned to keep the oil from slopping around (like a race car). The partition that the dip stick measures may have been full but when the pump was operated it filled up all of the other sections resulting in a low reading.
How much hydraulic oil does the tractor hold (if you have a manual)? How much did it take?
Is this the first time you changed it? If you have done it before you'd have a good idea what it took last time.
If it were me I'd fill it up to the mark, run the tractor, and check it again. Repeat until the dipstick reads correctly. Make a note of how much total fluid was put in for the next time it is changed.