Remember that ultimately, the condition of the battery determines the charging voltage, not the regulator adjustment. As the battery charges up, the voltage will go higher as it attempts to overcome the resistance of the battery until it reaches the maximum setting of the regulator points. A slightly discharged battery will give a false (low) reading. If the battery is less than fully charged, adjusting the points will not give you an accurate reading. Also, replacing the cover of the regulator will lower the voltage setting slightly because steel is a better conductor of magnetism than air. After making an adjustment, replace the cover and run the engine at a fast idle (1500 RPM or so) for 10-15 minutes, then recheck the voltage at the battery posts- - - -not the output terminal of the alternator!
Jerry
