I claim:1. In a power and free conveyor system that includes a trolley frame having spaced pairs of load wheels supporting the trolley frame for movement in a longitudinal direction along a track and a spaced pair of guide wheels for maintaining orientation of the trolley frame with respect to the track, a system for monitoring the trolley frame load and guide wheels comprising:a pair of first sensors respectively disposed on opposed sides of the track and responsive to passage of a corresponding pair of load wheels for generating first electrical signal patterns as a function thereof,a plurality of second sensors mounted adjacent to the track and responsive to passage of the pair of guide wheels for generating second electrical signal patterns as a function thereof, anda fundamental mode asynchronous machine coupled to said first and second sensors for performing pattern recognition analysis on said first and second signal patterns to determine operative condition of the load and guide wheels in real time.