Here is another pic showing the mystery device and alternator (southeast quadrant of the picture).
There are only two wires connected to the thing, both at it's top.
The black wire that goes to the right terminates at the alternator near the right edge of the picture..
The red wire that goes up is spliced to the blue vertical that then goes down (behind the device in the picture) to another alternator terminal near the bottom right of the pic (where several other red wires from other things terminate).
Does this support the theory that it is a capacitor?
Why would a capacitor by strapped across an alternator?
Thanks for everyone's continued help.
--Steve