[jerryhawthorne]

Mike, I think I see the wire your talking about. Is there not also a black wire ending there? I believe this was an add on type of dipole antenna stapled around the back of the radio for FM reception. Due to the age of your radio I will guess again that this is the old FM frequency which was changed to the new FM frequency after the war. Essentially the FM band on this radio is useless. IMHO it would not hurt to remove those wires stapled around the back. Others may add in here as if it was factory, you may want to leave them for originality.
As for saving the radio, absolutely! Certainly doesn't look like a parts radio to me. Put out a picture of the cabinet front/sides well we have the top. Chassis looks nice and clean to me.

Jerry