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I think new battery technology is much better than it used to be. I'm guessing the vent tube was for venting hydrogen and/or any acid that might be emitted if battery was overcharged. I haven't seen any of these problems in the last 30 years so I wouldn't worry too much about it. I don't run any tube off the vent.
It would be a miracle if an old vent cap setup fit a new battery. For restoration, there are companies that make original style batteries with the vents.
Most of the repop batteries are the new maintenence-free technology packaged in a vintage case. The vents aren't really necessary but are there for show purposes. As for the vented caps, I've not seen them for sale individually as new but they are available when buying a repro battery for an additional $50 from a couple of the repro battery suppliers. I bought a set of used vented caps from Ebay a few months back. You can still find them used for around $10-$20. Summit Racing is selling repro batteries for much less than if you buy direct or from some of the restoration specialty shops but you will have to find the caps elsewhere.
Incidently, I looked up the specs on the original equipment correct Delco battery for my '68. It was rated at a whopping 185 CCA (cold cranking amps). That wouldn't even turn my lawn tractor over these days and my car is a big block!! Today's batteries easily put out 500+ CCA--even the repros.
Most of the repop batteries are the new maintenence-free technology packaged in a vintage case. The vents aren't really necessary but are there for show purposes.
Not in my battery's case, it's reproduced as original and the vent caps do serve a purpose.
I have to disagree with some of the posts in this thread. Average batteries do have vented caps and do release a certain amount of hydrogen vapor through normal charging and discharging. Overcharging would certainly increase the emissions of hydrogen. Unfortunately, because of the way the caps are now recessed into the top of the battery there is no way to adapt the original remote-vented caps. The only batteries I know of that are sealed are those made similar to the Optima batteries. They have no vents, totally sealed.