<VV> Charging problem

[Michael Kovacs]

1969 
 Over the course of a week or so the car's add on voltage meter was either 12.2 (no charge) or 14+  (I used a voltage gauge and digital VOM to verify. I brought the alternator to NAPA and it was putting out 14.9 Volts. I had a few spare alternators home I picked one,replaced the brushes and replaced the front and rear bearings while it was apart. NAPA checked it after I assembled it and and also showed 14.9 volts.
I installed it and a  new NAPA voltage regulator. The old one was an original Delco. Still no charging. The voltage input to the starter is over 11 with a fully charged battery.
 Car starts immediately and everything else works. I have never encountered this problem. Usually either the alternator, voltage regulator or bad wire is the problem.

 What could be wrong? What else is in the system to prevent the alternator from charging?