> I put a good known signal onto the PLC channel and it did recognize it.
If the known good source is battery powered, like a calibrator, then the fault is likely be a ground loop, because a battery powered device is not grounded. A ground loop can be caused by wiring or by a faulty instrument.
If it was a signal from a device powered by the same power supply as the 'faulty' signal, then there is no issue with the power supply, it can successfully power the 'known good' device.
>The shielded conductors go underground to the equipment about 150 feet away. I shorted out the wiring at 1 end and read about 1.5 ohms resistance
What is the resistance from each wire to ground?
Is any of the wiring outdoors? Check the remote instrument and any junction box for water leakage, which will cause a ground loop. Dry the water up, and check again for operation. Repair the seals.
Underground wiring in conduit tends to collect water. Any nick in a cable's insulation will allow water to conduct to a ground point. I once lay a stretch of cable on the ground which solved a similar problem, proving the underground cable/wiring was faulty.
> I did notice the 24VDC did drop to like 2 to 5 VDC when it was connected.
As others have noted, the voltage across the analog input should drop. The question is, what is the voltage across the power supply itself?