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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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