the two main possibilities are this
(1) possible feedback linkage out of adjustment. Lower the 3 point hitch and see if your loader operation comes back after the implement drops. If it does, you'll need to adjust feedback rod. WSM shows how to do it. Not hard but you're better off taking the implement off to do it. Lots easier and lots SAFER.
(2) possible suction hose leak. The hose I'm referring to is kind of behind the brake pedals, up against the tractor more or less. That tube had a habit of breaking and 99% of the time any leakage/breaks is not visible. Normally it was on the back side. What I do is make sure the engine is off, implement and loader down. Then run your hand around the back side of the suction tube, feeling it for any cracking. If you feel any cracking, the tube is likely allowing air to leak INTO the suction side which reduces the hydraulic pump's ability to pump fluid at enough rate to make things work like they should. Generally the first signs of leakage are a slightly jerky loader operation in the up and curl positions, sometimes also noted are jerky operation of the 3 point hitch and sometimes the power steering will get slightly jerky as well. If you look closely at the tractor in that area (behind the brake pedals up against the tractor "frame", you'll see a metal tube which is roughly an inch in diameter, that tube runs to the back. Then the metal tube has a rubber coupling that connects the tube to the hydraulic pump inlet. If you're familiar with hose connections, you'll note that this type (with a spring clamp), the tube will have a little bit of a "bump" on it (called a bead) which keeps the rubber hose from sliding off on it's own. If there is any cracking of the hose, it'll usually be pretty close to where the rubber hose goes over that bead.
Try those first and see what happens. They're the two most common failure points on the older standard L series tractors.