Couple questions. First, what are you measuring voltage with? Cheap digital meters will often give erroneous readings when used with engines having point type ignitions & copper plug wires due to noise pickup on the leads. The fact that it reads correctly on another engine with an alternator doesn't guarantee it'll read correctly on the one you're concerned about. A good analog voltmeter is a very useful tool for working on these old systems.
Second, if the generator is in fact putting out 15+ volts, the regulator probably needs to be adjusted. The fact that its new doesn't mean it was adjusted correctly, particularly if it came from China. Newer electromechanical regulators have three coils; a voltage relay, an overcurrent relay, and a cutout relay to disconnect the battery when the generator's not turning.
Voltage is adjusted by changing the spring tension on the voltage relay...less spring tension gives lower voltage. Voltage regulation is accomplished by this relay switching a resistor in & out of the field line to control field current.
However, before tinkering with the regulator, I'd make sure that the measured voltage is in fact correct.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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