You might have the wiring on the ammeter reversed. What happens to the ammeter when you turn the headlights on without the engine running?
The simplest test is to put a voltmeter on the battery posts and run the engine at 1500-2000 RPM. With a fully-charged battery, you should see somewhere between 7.0 to 7.5 volts if the charging system is working properly. If the voltage is below 7, but above 6 volts, you might need to adjust the voltage regulator to supply a little more voltage to the battery.
Take the top off the regulator, and see if the set of points (cutout relay) behind the "Bat." terminal closes when the engine is started. If not, you might need to polarize the generator by momentarily connecting a jumper wire from the Bat. Terminal to the Arm. terminal for half a second or so. It will make a pretty good flash, so don't leave it connected for long. As the engine is revved up, the cutout relay should close as the generator voltage rises above battery voltage. The voltage at the "Arm" terminal of the generator needs to be above battery voltage, or the battery will discharge itself anytime the cutout relay points are closed. DO NOT close the cutout points by hand, as they will stick together and allow a serious discharge. Check those things out, and get back to us on what's happening. If necessary, I can walk you through adjusting the current and voltage regulator points.
Good luck!
Jerry
Last edited by Hotrod Lincoln; 06/16/2010 9:56 PM.