Reply to catsilver:
I would suspect corroded linkage on the pony motor governor, or the governor seized, its obviously not opening up when the load comes on.
Hi Team,
after you check the pony governor linkage, as catsilver suggests, also check the oil in the pony crankcase is not fuel diluted--occurs when pony gas tank shutoff valve is not turned off to run the pony to a stop, but the mag cut toff switch is used to stop the pony and the pony gas valve is left on.
Also check the oil level in the pony Transmission, the pony air cleaner for overfull with oil (dirt and water raises the oil level so it floods the mesh in the main part of the cleaner body and restricts air flow--check mesh for grass clippings etc.
If you have the later paper element type check the paper is not saturated with water or dirt--restricts air to pony but would cause mixture problem you seem to not have but worth checking for the short time it takes--mud daubers may have built a home in the cleaners too.
The pony carb having adjustable main jet you can partially compensate for these restrictions and get it to run acceptably but with low power--acts like running at part throttle only.
Check pony exhaust outlet for restriction too.
Just some odd things to check that MAY be existent that I have encountered in other engines in the past.
Cheers,
Eddie B.