Cotter Pins Under tractor

[bonker81]

I'm sure the answer is on here the forum somewhere but I haven't had a chance to look...what do the (2) cotter pins on the underside of the transmission and reverser do? They are loose and appear to be some kind of drain. The one under the transmission was streaming out water when we finally got the machine back together and the one under the reverser had an oil drip when the machine got good and hot. Are those some kind of oil-water separators or high level overflows? It's a 1968 350.

On another note thanks to everyone who helped on my previous posts and especially Lavoy, my dad and I completed the steering clutch rebuild on one side of the machine and it appears to be working great.