If that is in fact your voltage regulator, it could just be defective. I would disconnect those wires from the regulator, and start the engine and check to see if you have about 26 volts AC from two of those wires. The other wire should be the 12 volt DC battery charging wire with a good regulator. If you don't have the 26 volts, then the alternator is bad.
Power-trac 422 2003 model and 428 January 2015 model
Thanks guys this seems to be my findings. I guess $25 won't be too bad. The old one is completely burnt out. I had had trouble keeping the battery charged on my 422 but didn't find this problem till the PTO wouldn't switch flow to the PTO hoses. I started looking and thought this burnt out thing was the problem. Not!! This was another problem.
The machine would only do the grunt thing when I turned the PTO switch on and act like nothing was hooked to the hoses. After calling Terry of Power-trac I took the nut loose on the solenoid mounted to the block, (as I said different problem) twisted and pecked around on it, put the solenoid back together. The PTO was fine after that.
PS. Terry said only tighten the nut on the solenoid to 10 ft. lbs. (not to tight).
Now after this I will be able to use my PT as long as I keep the battery charged. At least till I get a voltage regulator and make up some new wires that the insulation was burnt off of.
Thanks again for the help and I hope this discussion goes beyond helping me and adds to the already large value of this forum.
I had a similar problem two years ago with my PTO solenoid. At the same time I had a 30 amp voltage regulator, original equipment, that kept going bad. My PTO solenoid problem did not go away after I solved the voltage regulator problem. I assume the ignition switch would heat up and dropped the voltage to the PTO solenoid. Rather than replace the switch, I installed a wire with a fuse from the battery post on the starter to the PTO switch. No more PTO solenoid problems. Yes , the PTO solenoid switch will remain energized with the ignition key off. I kept the wire from the PTO switch to the ignition switch that prevents the engine from starting with the PTO switch ON.