Hello i have read most of the threads hear about voltage and how to test but i have not found the answer or i need it clearifyed for me a little better iam working on my 69 GTX with the 440 4 barrel with factory AC. The issue i am having is it is running at 15 volts at the battery pretty much all the time it tends to drop to 14.88 when i speed it up so i have tried 2 digital regulators and they both read the same and act the same so i went and got a mechanical one to try i installed it and the voltage dropped to 14.48 but after only about 1 to 2 minutes i noticed it starting to smoke and it keep getting worse so i shut it off right away and put one of the digital ones back on let it run for about 15 minutes no smoke the cover was cool and the voltage stayed at 15 volts all the time. I have a brand new battery with a static charge of 12.8 to 13.0 in the car less then a week old. I checked voltage with it running and at the battery it is 15.0 volts and at the output of the Alt i am getting 15.5 all the time so i turned the headlights on and the battery reads 14.88 and it still is 15.5 at the Alt. My question is do you think the alternator could be my problem and the voltage regulator cant drop the voltage to closer to normal. Any advice would be appreciated greatly, Hear are the 2 types of regulators i have on and tried the one on the left with the gray cap is the one that reads good voltage but smokes right away. Do you think i need to take my Alt in and have it tested?