94 Ford Escort w/1.9 liter - Alternator problems

I removed my alternator to gain access to replace my timing belt. The alternator had been removed and reinstalled sveveral times before and always worked properly. This time it is loading the engine down so far the it dies. When I disconnect the big, red output wire (with the engine running) I get a big spark as if it is drawing a huge amount OR somehow
shorted to ground. The other connections (3 wire multi-connector & 1 small spade connector) are in place and I am holding the large red output wire.
Touch it to the terminal and Big Spark and the engine slows way down. The battery is already charged so I don't think this is the DRAIN.
--mileage is "supposedly" 180,000--
Whu'dya think??