What does dry smoke coming from the carb/air cleaner hose mean?

[WH23G3G]

I noticed on this 76 car I'm trying to get rid of that after a few minutes of running it starts to smoke from the exhaust/intake side of the engine. We kept thinking it was the valve cover seeping and dripping on the exhaust manifold, but it's totally dry all the way down the engine. Now I noticed when I adjusted the idle speed today, that after about 10 minutes of running it still smokes on that side. When you shut it down, it comes out heavier. But it's coming out of the air cleaner intake hose, and if you take the air cleaner lid off, you can see smoke coming from out of the carb throat. I also noticed after shutdown, I looked under the car and could see those vapors you see, when someone's filling up gas on a sunny day. I'm thinking it's too rich? But I don't know how to tell if the idle mixture is right anyway. 

[Ghoste]

Did you pull a plug to see what the base looks like?