Help- 95 LS Alternator issue?

["Bob Gauthier" <gauth@domain.elided>]

Digestioni

95 LS auto at 112K miles.  Dash voltmeter has always read 13.5v or so. Today,
on a long trip, I noticed it at 12v at freeway speed.  At idle, dropped to
about 10V or so.  Seemed to idle a little rough also.  So, I got it home,
hooked up my trusty Fluke DVM onto the 40A fuse behind the overflow bottle,
and got 13.75 V. Dash still read 11-12V.  When I engaged the 'auto' climate
mode, the compressor turned on, but no 'alternator loading sound' could be
heard-- you know that sound, the one the alternator makes when it has to
deliver some serious current--- Headlights and turn signals normal, no signs
of low battery.

Ideas? Can an alternator go low on current but still deliver 13.75 VDC?

tia
bob
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