The wire attached to the Bat. terminal on the regulator should go to the ammeter, to the same connection where the ignition, lights, and other wires are attached. Have you checked the voltage at that terminal? It should read battery voltage at all times with the engine off, and should increase to 13-14.5 volts with the engine running. The voltage at the positive battery cable should be the same reading as the regulator Bat. terminal, minus a few tenths of a volt for losses from connections in between. Is there a heavy wire in the harness near the ammeter that hasn't been attached yet?


Here's a schematic from a Delco service bulletin book from the early 1950's. The wiring will be the same for both 6 and 12 volt circuits. Looking at the diagram, the wires to the ignition switch, headlights, etc. would be attached to the right side of the ammeter, same place the regulator Bat. wire attaches.

http://www.hunt101.com/data/500/D-R_Regulator_001.jpg

Jerry

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