Speedometer in my '41 Pontiac is going all over the dial. Took it out, lubed it up and it worked ok until I hit the highway and now it's jumping around. Have what I thought was a trans leak from the bearing. Could the trans be leaking from the speedometer cable??
Usually caused from the cable binding in the housing. I usuall pull it out from the speedo end, wipe it down and re-install with powered graffite.
I agree with 1950ChevySuburuban. The magnetic wheel is sticking to the drum inside the speedometer. It's probably just dirty. Take the speedometer apart and clean it; it won't be as difficult as you might expect.
I had this same problem. I lubed it and it still did it. Then I loosened up the speedo side a little and it works great! Must have been a little too long of drive cable, but this wasnt the original cable either.
Your 1941 Pontiac speedometer is very simple. And it will work much better after you take it apart and clean it. Recalibration afterwards would be nice, but its not really a precision instrument anyway; it probably wont be any less accurate than before.