My guess, the generator is "full fielding". First thought would be stuck overcurrent relay contacts in the regulator, but sense it's been changed, I would look for a short to ground in the field circuit wiring between the generator and regulator (very possible) or a internal short between ground and the field coils inside the generator itself (not as likely, but still possible). After charging 50 amps on a 35 amp genny,� I would pull the brush cover band and look for evidence of thrown soldier from the commentator, just as a precaution. As usual, this is a W.A.G. Hope it helps!!!