That is a three speed motor control board (DC motors speed is controlled by voltage, the three terminals drop the voltage across two resistors with straight through being high speed). You should have three wires that connect at the bottom three terminals and the straight through being the feed terminal for the motor. Depending upon which wire is energized by the speed control switch determines which path the power takes through the control board.
The reason the old control board is it is made of paper and varnish paint. This is because plastics in it's current spectrum of types hadn't been invented yet. The entire car was designed to last only seven years as required by federal law.