Another bad voltage regulator?

To clairify what 67dart said the wires ( power source) INTO the VR must be correct.

The wires going into the alternator can be either way.

In the older single field wire (not isolated field) alternators, the regulator regulates the 12v input to the alternators field wire to increase and decrease the field strength thus regulating the output voltage of the alternator depending on load.

The new style 2 field wire (Isolated field) regulator regulates the ground to increase and decrease the field strength thus regulating the output voltage of the alternator depending on load. Because it is an electronic regulator it needs a 12v source to run its electronics.