A new two-speed winch of the traction-drum, storage-drum type for underground or overhead cable installation. Hydraulically driven with efficient planetary and spur-gear reductions, it is capable of levelwinding great lengths of wire or nonconducting rope under heavy-load condition. With uniform input torque and speed, it will exert a constant cable pull and speed throughout any length of pull. It will free-spool for rapid rope removal. It is equipped with an indicating load gage, is fully adjustable for maximum cable pull and of a size compact enough to fit within a utility truck body.