[DKinYORKpa]

1) The post on the chassis next to GND and ANT is marked LOC. What's it for? I see that it goes thru a .015 cap to one side of the line. So a y-Safety cap, right?
2) When I hook up my DVOM from the antenna to ground, I get 44 ohms in one position of the local/distance switch and 4.86K ohms in the other. I can understand this, based on the schematic, but why is there no change in the audio? (Actually, there is a subtle difference; and for strong local stations, my long wire is unnecessary)

[TA Forbes]

The "LOC" jack utilizes your service electrical wiring for an antenna. OK for local stations, not so hot for distance.

On my 95 there is a pretty fair difference in reception and volume between the two switch positions. Not sure why that is not the case with your set.