That's a diode and it's broken off at the body of the diode itself. You'd have a difficult time resoldering that back together like that, but if there's anywhere nearby that sells electronic components you can probably get away with buying a "1N4001" diode to solder in its place, they're DIRT CHEAP if you buy them in bulk, but you shouldn't pay more than a few bucks for a 5 pack at the most expensive.
If you do decide to solder a replacement in, they ARE directional, so make sure the white stripe faces the proper direction, in this case the white stripe goes on the opposite end of the wire.
Edit: What year is yours anyway? I just checked the motor on my '75 and the diodes are inset into a small plastic clip to hold them safely in place... oh it's in the topic title, '74. I can read.