MAD ELECTRICAL?

Sounds like it is not regulating. I don’t understand what you mean about the regulators and holding the voltages. All alternators have built in regulation nowadays, but back in the day I never replaced an alternator without changing the regulator too. You might also check the field connections from the alternator to the regulator & make sure that is good.

What I am saying is the alternator might be putting out too much, bouncing between 15 and 16 volts, the regulator is mounted on the firewall, engine compartment bulkhead. My volt meter in car is running at 13 to 14 volts bouncing around, I think the regulator is trying to keep the voltage correct. There is no internal regulator in the alternator that I know of for 1966 cars. Thanks for reply!!