New Standard Brand Ignition Switch

Just installed a new ignition switch on the '72 Duster. The original did not have that black wire in the third from the right position. It had the light for the shift indicator there. The outer two are the key in buzzer switch. Anyone know what this black wire is for and it is necessary for the new ignition switch? Do I just cut it and wire in the light so it matches what the main harness is expecting?

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