What is this knob for

It’s the dusk to dawn photo-cell for the headlight sentinel system.
 
So it automatically turns the lights on?
Yes, if the system works it is like todays “automatic” system. Also leaves the headlights on for a minute or 2 after you park it.
 
You adjust it to have your automatic lights turn on sooner or later at dusk or rising sun. The automatic dimmer is a black box looking out from behind grill on my Imperial.
 
So by ‘72 they had combined the sentinel and the beam changer?
 
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