Unless there's something terribly wrong with the converter design, you did nothing wrong hooking up the neutral.  It is not used, but can't possibly harm a properly designed converter.
Troubleshooting --
First things first.
1) Are you sure that you have your red, and black wires coming to the converter, connected to the opposite legs of the 220V supply at the panel?   It'd be real easy to spend a week screwing with the converter, only to find out that you're not feeding it a full 220V supply...
2) How do you "start" the converter?  Some are simple "switch on" and they run, some are "push and hold" a button until they're started, then release immediately (or the breaker will trip), and others are "push and hold" _at_least_ until they're started, and release at your convenience.  More primitive varieties aren't self-starting, and either need a pony-motor to get them up to speed, or use some manual method to get them spinning to start.  To lead you to the most likely failure mode, we need to know what variety you have.
2) Does the motor on the converter have a shaft?  If it does, turn the power to it off, wrap a couple feet of rope around the shaft and "pull start" it like it's a lawn mower. (you want the rope to come completely off at the end).  While the motor is still spinning reasonably quickly, apply power.  Does it spin up now?  If yes, you're now making power. If no, disconnect the supply again, 'cause it ain't going to start...
Get back to us with the results from those questions and experiments, and we'll go from there.
Will Ray
---In SOUTHBENDLATHE@yahoogroups.com, <d_c71_2001@...> wrote:
...When I initially attached the wires, I connected all three (Red, Black and White) to the terminals in the phase-converter box. I attached like to like by color.
When it didn't work, I looked more closely at the wiring diagram and went online, downloading the converter manufacturers instruction manual. The converter came with the lathe, I didn't purchase it New. I made the correct connections, as in disconnecting the white neutral wire, after reading the manufacturers manual, but no luck so far….
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