This is my first time messing around with a generator, so essentially my first rodeo. The regulator is new from KW and the generator was just rebuilt, all 12v.
It doesn't seem to be charging:
Volt meter with the engine at about 1000rpms reads 12.2 and gradually sinks to 11.9. I was expecting somewhere around 14. I made sure the polarity was set, momentarily jumping the battery to the armature tab on the regulator (type A generator). I got a spark, a hum and the generator turned for a second the same direction as the engine. I considered this to be a good sign that the generator is in fact good. I noticed right before I turned the engine on that the amp meter which has been stubbornly been at zero was now marking at -50 amps. After I turned the engine on, the amp meter went back to just on the positive side of zero but I was only able to read 12v with the volt meter.

Next I took the lid off of the regulator. Everything there looks good, shiny and new.

I'm not sure what to do next.