Having a magnetic field on the back of the alternator only means that the field coil in the rotor is being energized. You must have this magnetic field in order for the alternator to work but having the magnetic field does not mean the alternator must be working. The magnetic field is an alternator input, not an output. A problem with the stator or any of the diodes can reduce or eliminate any charging voltage output. A bad diode can also cause a poor output wave form or if it is shorted the alternator can output AC current. That could also cause your meter to go whacky.
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Today's Featured Article - Memories of a Farmall C - by Monty Bradley. When I was a child, my grandparents lived on a farm owned by a Mr. Walters. The crops raised were cotton and soybeans, with about forty head of mixed breed cattle. Mr. Walters owned two tractors then. A Farmall 300 on gasoline and a Farmall C, that had once belonged to his father-in-law, and had been converted from gasoline to LP Gas. Many times, as a small boy, I would cross the fence behind the house my grandparents lived in and walk down the turn row to where granddaddy would be cultivati
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