Why is my belt doing this?

[BBQ BOY]

I've noticed for a while a black residue in my engine bay. Originally, I only saw a little bit on the inside of my hood, but noticed today that the belt is caked with a black residue. It's everywhere.
Other info: 77' FJ55 2F

 

[davegonz]

Dry rot or the belt is getting scraped by something?

 

[npulver]

Or wrong size/type of belt

 

[davegonz]

Could also be something is seized. Alternator, AC compressor, smog pump, idler pulley.

 

[LAMBCRUSHER]

new belts. look for gashes/scratches in the shivs and binding accessories. look for misalignment of pulley planes>loose, broken hardware, mounting

 

[billstoudt]

i had this happen on my car turned out it was the alternator was not properly aligned with the water pump(the mounting bracket was warped).

 

[tyama]

I see a small bit in my engine compartment. It's from a slightly misaligned belt.

Best, Ty

 

[PabloCruise]

Do you still have the air pump on there? Is it seizing up on you?

 

[BBQ BOY]

I still have the air pump installed even though it is giving out on me. I am going to have it rebuilt. However, I now have another problem and that is my radiator fluid reservoir is boiling. So, I probably will just have to have the entire engine rebuilt anyway and these issues may resolve themselves once that happens. Compression numbers aren't great either.
As far as the fan belt shredding, all of the pulleys were very loose and since I tighten them down the belt is no longer destroying itself. I am replacing it with a Toyota V-belt and we will see what happens