Place a disposable diaper under it (and under the u-joint housing, and under the rear end, and under the rear-engine clutch housing (rear engine/crankshaft seal) while you are at it - if/as needed).

It it ain't leaking somewhere, it is out of oil.

Tim
1954Advance-Design.com
1954 3106 Carryall Suburban
1954 3104 5-window pickup w/Hydra-Matic
The 216 and early 235 engines are not "splash oilers" -- this is a splash oiler.