Today, was parts cleaning day for parts I recently took off my 71 429cj convertible teardown (air conditioning system, power steering system, heater hoses, etc.). When I got the car, the previous owner had bypassed the heater core, directing the water back directly into the engine. They just connected the unused hose (the one in the picture), back to the heater core. In doing so, they left what appears to be the original heater hose and water bypass valve (not sure what this valve is actually called, used to restrict the flow of water to the heater core, probably on initial engine warm up.
Take a look at the pictures and see if you agree. The original factory clamps were still on the heater hoses also... Thought this was kind of cool, as I could not see the yellow stripe until I cleaned the hose. Cheers.