That condenser was probably put on there for radio noise suppression. They were not stock as far as I know (my truck didn't have one). It has likely failed (maybe shorted inside). I would toss it and see what happens.
Kevin 1951 Chevy 3100 work truck Follow this saga in Project Journal Photos 1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car) Busting rust since the mid-60's If you're smart enough to take it apart, you darn well better be smart enough to put it back together.
