White smoke and moisture out of tailpipe

I'm getting white, odorless smoke and moisture, also odorless and clear - like water, out of the tail pipe on cold startup.

Engine runs cool all the time and doesn't lose coolant from the radiator. Did radiator pressure test - 13 lb cap - and no loss of pressure over 20 min period.

What does this mean?

Thanks

I should add - 1966 200 with 70K +/- original miles. Head has never been removed.

Howdy Charlie:

Most likely condensation. Does this happen mostly on cold startup? Are you located in a cool, moist climate? Is this an auto or manual trans? Choke type?

Adios, David

Good morning - David

I live in Long Beach, CA.

The symptoms present themselves when the engine is at ambient temperature. Always first start in the morning and then again when it has been driven and allowed to cool down.

Cheers and thanks

Once again I must add - automatic - C4, electric choke now, but no choke at all before - just turn the key and it started...a little rough at first, but a little feathering touch on the accelerator pedal and she smoothed right out...well, as smooth as this rough idling engine ever gets.

Thanks, again

And, again - shift modulator is new and was just checked yesterday to see if it was a source of a vacuum leak - held 18 whatevers on the vacuum pump gauge. Line is also clean and dry inside. The leak was coming from on of the rubber lines.

After shutting off engine. Let sit for a hour, pull spark plugs crank engine over & see if coolant shoots out of one of the cylinders. Sounds like a very small coolant leak from head gasket or cracked head???