Club Cobra - Wiring question

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I posted this on BD boys as well so if you read it there this is the same.

Hi guys, I’m probably missing something simple here but it’s not jumping out at me so here goes. In the engine com harness there is a yellow wire w/black stripe that has “alternator” on it. I’m using a Powermaster GM type alt. and already have the heavy gauge red wire on it and that seems right. But where does the yellow/black wire go, if anywhere? When the ignition is “on”, the volt meter reads fine and as far as I can tell all of the cars systems, including ignition are operating normally without it attached to anything. The one thing that doesn’t seem quite right is that, when the key is in the on position, the “ignition” light on the dash doesn’t come on unless that Y/B wire is run to a hot lead. In which case the (Ign) light stays on regardless of key position. I haven’t tried hooking it to switched power yet, I’ll probably try that next. But if that is the correct way to wire it then why is it in the engine compartment harness? Why not just put it in the dash loom?
Thanks for reading this, Steve

was the car originally set up for an external regulator? that could explain the extra wire..... this is a factory 1966 wiring diagram for passenger cars. it may or may not shed some light on to it....

http://www.clubcobra.com/photopost/d...charge_sys.jpg

note the yellow\black wire going from + battery to ammeter. this is used with an ammeter only, in your case the one wire GM alternator uses a volt meter.
so, and this is a guess at this point without being there and tracing wires. it would go to the + terminal on the voltage regulator to pick up a signal for the gauge......

basically safe it off and enjoy the car......