Jay:
You see condensation mixed with soot from the inside of the pipe. It is not at all likely raw fuel. Does it smell like raw fuel? It isn't. Raw fuel does not make it out the exhaust valve and down the pipe of a running engine. Don't fool with the carb mixture screws in response to this or the advice. You could create a real problem.
On cold starts of both of my RAM cars, the 300 F & the 61 Plymouth I place cardboard under the pipe outlets to catch the sooty water and avoid a clean up. My mixtures are fine.
If your pipes are caked with soot you could be running too rich but you would smell it. The amount of condensation water you see depends upon the temperature of the exhaust system and ambient temperature.
Danny Plotkin
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