[TA Forbes]

There are four lights there. The highest one is behind the shadow meter. It illuminates a vane inside the meter. As you tune in a station, the shadow cast by the vane becomes narrower. At it's narrowest point the station is tuned in at it's maximum.

The other 3 lights illuminate the 3 different bands on the dial. As you switch the band selector control, a different light illuminates the band selected.

I restored a model 97 last summer. Please send some pics of yours to this phorum, I am sure that many of us would love to see it. Should you have any more questions, Philco Radio.com (this site) and the Philco Repair Bench sites are the places to ask, as they are literally the best repositories of Philco knowledge anywhere!

ALSO: If you like Philco Radios, Ron's book Philco Radio 1928-1942 is the best Philco reference out there, and Chuck's website Philco Repair Bench has a schematic and technical information service that will provide you with excellent quality information on your set.