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Someone may have replaced a fuseable link with it. Do you have any wires with what looks like a piece of rubber/foam about an inch long on it? Those are fuseable links and I have 3 in the general area of your picture. That is about all I know about em.
Looks like somebody spliced in a fuse to the hot lead from your alternator. Does it terminate on the terminal on the back of the alternator? It looks like it in the picture. What may have happened is the fusible link blew at some point in the past, and they replaced it with a fused splice. Probably not hurting anything, although if not properly connected (and it looks like a poor connection) it could lead to things like flickering or dim lights, low voltage, etc.
I think if you trace it back it will go from the positive starter terminal to the alternator post.
Jeff
What is this thing? The wires have been spliced for 30 years, its a mess. Shouldn't it attach somewhere???
What is on the end of it behind your fingers?
Looks like bubba has been doing some rewiring under your hood. Of course I am wearing the bubba hat now until I settle on an engine and transmission. Why do it right when you can bubbuize it? :jester
Yep, horn relay.
Mounts to the inner fender well under the fender where it turns under. Just forward of the vacuum tank. It's held on by one bolt (or stud) .
Edit: Oh and... I think the fuse holder is just the hi speed blower wire.
Check your assembly manual. You should find the correct position for the horn relay. I've seen some mount using a bolt, while others mount on a stud which protrudes out of the upper drivers side fenderwell I think that your horn relay also "doubles" as your key buzzer. It does in earlier sharks. Chuck