It could be caused by the windings getting permanently magnetised. Are there any devices buried in the motor, like start relays or centrifugal switches. One other possibilty would be a short circuit turn in a field winding. Once the DC current has settled there would be no problem other then you would be short of one turns worth of magnetic field. If the field was changing, then the winding would act like a transformer with a shorted turn and consume a large amount of current. This would also occur on start up , though it might be hidden by the "normal" inrush.
Because of the large size of this motor, 75 HP = 50 KW, the winding resistance will be really low, but their inductances should be comparable. So I would locate the windings and hopefully you will have at least two to compare. I would feed some low voltage AC (6 V?) into each and see if one consumes a lot more power then the other. This would be the one with the shorted turn.
Frank