The cutout relay points on the "new" regulator are stuck together. Did you adjust the closing voltage after you installed it? Generator regulators aren't idiot-proof- - - -they absolutely MUST be adjusted to perform properly after they're installed.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!