1996 FORD RANGER: Alternator wont charge battery?

kixandlexus

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I have just purchased a 96 Ranger with a 4.0L. It was sitting for 5 months and seems to run fine other then the alternator will not put out any voltage at any rpm.
There is 320,000km on it and it was the original alternator so I assumed that the brushes were hung up. I replaced it with a new (re-man) alternator and still have the same problem. The battery is fine; I get the same problem with different batteries.
When I put my meter on the battery while running, I get 11.6V on the alternator output lug too. This voltage slowly goes down the longer it runs until it eventually dies (like on the way to work.)
I am suspecting a fuse or fusible link?
What wire is field voltage when the vehicle is running?

Its grounded, all connections look good.
I was under the assumption that the alternator is internally regulated. I think that is what the 3 pin connector is on the back of the alternator. I know the black/red wire is the output. I'm not sure what the white wire with the black stripe is.
 
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