[MrFixr55]

Modified 11/21/25, 8:27 ET, from the original post for more clarity than I could deliver at midnight when I was suffering from a bout of insomnia:

OK, I'm gonna hazard a guess.  I am looking at the 39-116 schematic from our website.  My guestimate is only valid if there is no difference between the 39-116 and the 39-3116 when it comes to this circuit.

Here is a rather neat video on the 39-116, in what I think to be a very handsome cabinet:

https://www.bing.com/videos/riverview/re...&FORM=VIRE

Based on your picture, and the schematic for the 39-116, available on our Philco Library picture, if the wafer shown is "A", then I think that the wire connects to A1 of the A wafer of the band switch.  If the device on the next terminal is a resistor of low resistance, say 10 Ohm and if that terminal is A3, then the resistor is fed by the 6V filament winding of the power transformer, and when the band switch is in the "preset" position, and supplies this wire, a common power feed to a series of indicator lights indicating what station is selected by the Mystery Control stepper when the preset function is selected by the band switch. The desired light is selected by one of the stepper switch wafers, #81 on the schematic #81 is a compound stepper switch which selects the oscillator coil, antenna capacitor and indicator light.

If these indicator lights are missing, this may be the reason for the wire being tied back to the harness for what is apparently the speaker.  If these indicator lights are missing, then you can merely cut the wire; it will not affect general operation of the radio.

Hope this helps.