<VV> No charge situation. '65

[ronchoy at comcast.net]

New alternator, new voltage regulator. Engine off, all normal.
Symptom: Engine on, a moderate to low glow from gen-fan lite. Rev engine, no rise above battery voltage, so no charge. Engine off, the lite is off, all normal. Headlites, etc. all ok. No visible burned wires.  Same symptoms with old regulator. 

Back story: smelled hot insulation from heater. At home, gen-fan lit full on with engine off. Disconnecting and reconnecting ground cable made the voltage regulator click and turn on the fen-fan lite.   Had a new battery about 2 weeks before all this started.

What am I missing here?   -ron 65,66