Oregon60; You may have already tried this, but with everything connected as should be and the engine running. Take jumper wire from positive battery post to batt connection on regulator. If that didn't close your cutout relay. Move on, remove that jumper wire. Next run a heavy jumper wire from your neg. battery terminal to the ground post on your generator. This two test should eliminate any external wiring problems. If ether of the test correct your problem then knowing you have the new regulator, I would suspect the generator. Not having the test equipment for testing the generator, I would pull it and remove the brushes. (Check that the brushes are long enough to make good contact without the springs bottoming out) clean the armature with fine sand paper. Then give it another shot. If that did not do the trick, then its time to test or replace the gen or go with the new alternator. It has been a long time since I have worked on a generator but they are simple. If the brushes are worn out they are very cheap to replace.
Just my thoughts you may be past this point.

Wow I am a sloooow typer! You already posted