I don't own a '53, but if you are hearing this hissing sound, my guess is that the pump output is dumping over the relief valve thus making the noise. Have you felt the fluid reservoir to see if it is getting extremely hot after driving the car? This would also indicate the pump "spilling" over the relief valve. The early power steering systems consisted of the pump with relief valve, mechanically operated servo valve and the steering cylinder. When you turn the steering wheel, it moves a spool in the servo which ports fluid to one side or the other of the cylinder pistion. The cylinder is linked to the servo so when it the cylinder has moved the prescribed distance, it "catches" up to the servo valve and shuts off the oil to the cylinder. The only thing that could cause the pump to dump over the relief would be if the spool in the servo was blocking the flow.... but, not being thoroughly familiar with the system (never having rebuilt one) I would have to do additional study to confirm or deny this statement. The other possibility would be failed piston packing in the cylinder, but since you indicate the noise is coming from the pump, and you don't indicate any irregularity in steering effort, it seems unlikely that the cylinder would be the problem.
Whit