It holds 6-6.25 pints (depending on
which manual you look at). Fill it as described above.
1954 was the first year of no "weep hole" in the SM420 4-speeed transmission.
Fill to 1/2" below fill-plug hole if transmission and lubricant is "cold"; but, if transmission and lubricant is warm and you are topping it up, the 1954 Shop Manual says to fill to the bottom of the plug hole.