the nut on the alternator should have a heavy gauge positive lead from the battery.
for the old alternator to be charging at 15 volts and the new one to be 12.5, i would feel that your new alternator is bad or that you are experiencing belt slippage.
here is what i could find, hope it helps. let me know if the pics don't appear:
btw this was for an 82 firebird, as far back as i could go
figure 1
figure 2
To perform regulator tests, the following measuring instruments will be needed: resistor (10 ohms, 3 watts) R1, variable resistor (0---300 ohms, 3 watts) RV, battery (12 volts, 2 pieces). BAT1, BAT2, DC voltmeter (0---30 volts).
1. Connect instruments as shown in Fig. 1.
2. Measure voltage at BAT1 (V1). Voltmeter reading should be 10---13 volts.
3. Measure voltage between terminals F and E (V2). Voltmeter reading should be approximately 2 volts.
4. Measure voltage between BAT1 and BAT2 (V3) with terminal S disconnected. Voltmeter reading should be 20---26 volts.
5. Measure voltage between terminals E and F while varying resistance gradually with variable resistor. Voltage should increase from 2 volts to 10---13 volts without any interruption. If voltage increase is interrupted, replace regulator.
6. Measure voltage between intermediate tap on variable resistor and terminal E (V4) without actuating variable resistor. Voltmeter should read 14.0---14.6 volts, or regulator must be replaced.
7. Connect instruments as shown in Fig. 2.
8. Measure voltage between terminals B and E while gradually increasing voltage with variable resistor. Voltage should increase from approximately 2 volts to 10---13 volts. If voltage does not vary, replace regulator.
9. Check voltage between intermediate tap of variable resistor and terminal E without actuating variable resistor. Voltmeter should read 14.5---16.6 volts, or regulator must be replaced.