I agree with Russ, this is definitely not how the machine left the factory. The start button has been disconnected. I can't tell what's going on with the stop button, but it's possible that it's being used to control the contactor. Try pushing the stop button in and see if the contactor opens and shuts off the machine.
Russ can probably explain this further, but apparently on WiaD machines (unlike MG machines) main power is controlled by the fused disconnect switch on the back and the AC contactor only controls the drive circuit. Power is taken off prior to the main contactor to power the timer circuit, etc., which allows time for the tubes time to warm up. Once the 6NO60 timer closes, the start button can be pressed, allowing the main contactor to close and route power to the drive stage and motor. You should trace all the wires in the main contactor compartment and see where they go.
Note that anytime the main disconnect is closed, part of the tube drive circuit is powered. You need to turn off the main disconnect switch when you're done using the machine.
I can't tell from the wiring diagrams if WiaD machines used the same Cutler-Hammer (CH) contactor as motor/generator (MG) machines, but this is definitely not a CH contactor. Based on the heaters, it appears to be an Allen-Bradley contactor.
Here's a thread that discusses the start circuit using a different model Allen-Bradley contactor:
This thread is an off-shoot of this one: http://www.practicalmachinist.com/vb/showthread.php?t=172536 For reference, here is a photo of an Allen-Bradley three-phase contactor with 240V coil (from the previous thread): Here is a starting circuit for a Monarch 10EE with 240V motor-generator...
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AFIK 10EEs shipped with momentary-contact start and stop buttons. The start button was normally open and pressing it would energize the coil circuit and allow the contactor to close. The stop buttons was normally closed and pressing it would break the coil circuit and shut off power. You appear to have a two-position stop button, which may have been wired to close the coil circuit when in the outer position and break the coil circuit when pressed in (this type of switch will stay depressed until the operator pulls it out). It's unknown if the 6NO60 timer is wired into the contactor's coil circuit or not.
The N15 heaters on your contactor are too small. They are probably left over from the machine being wired for 440 operation. You'll need to change those or the contactor will trip off long before you get to full load. If you have a fused disconnect on the back of the lathe, check the incoming fuses, they may be too small as well. (This would not be the first machine that was improperly rewired when converting from 440 to 220).
I'm not sure where you're at. In
post #10, you indicate that the lathe will run. Is the problem not being able to turn it off?