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This could be your clutch cycling switch going bad. On a 240 & 740 it is mounted on the receiver/drier. It screws onto the drier and has a plug going into it. When the low pressure drops to around 18-22 it kicks the clutch on. As pressure rises to around 45 it disengages the clutch.
You can test by removing the plug and jumpering the contacts in it with a piece of wire. If your clutch kicks in and stays on then the switch is probably bad.
You can get one at almost any parts store for around $15.
Good luck
Danny Mac
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