Well, tell ya what, that hole in the side of the dizzy housing where that wire is threaded thru is supposed to be for the + ground lead to the coil. Originally, the factory had a bakelite insulator thru that hole and a machine screw thru the bakelite insulator. A bare copper ground wire ran from one of the point set mounting screws, under the breaker plate to the screw located thru the bakelite insulator. Then another wire attached to that screw on the outside and ran to the coil.
Hi scicala. Yes it's in my head from 60 years ago LOL. I'll try to remember more but doubt it. I do remember that we tried to make them run to satisfy the customer ( mostly in those years it was older men and women, they where not into hi performance .) That was the first yr for 4 barrel carb. on the Linc. I will admit to on a few that I disconnected the rear throttle plate ( it was mechanical and did away with the cable so the eng did not pop back when the customer gave it gas. It was not good for a luxury street car but did great in the Mex road race . I think the race was called Pan American race. It was from the southern Mex border to Tx one year and the next yr went South from Tx. Lincoln did great won two yr. I was interred, but our eng went out the first day. I was an SCCA racer in the 50's. Like to hear more if you find any info. I also ran a Linc Merc dealer shop back then. Later I have had my own shop for the last 50+ years. BillBill is right on the money. That is a '53 car distributor and the cable is for real and attahced like a choke cable to the driver's side of the carb right at the base. It had something to do with locking out advance under certain conditions. I'll try to attach a link with picture and explains how to adjust timing etc. Of Course Bill probably has all of this in his head.
http://operatormanuals.tpub.com/TM-9-4910-622-14-P/TM-9-4910-622-14-P0019.htm