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The speedometer 1991 740 stopped working this weekend and I also had the ABS light come on. After reading some of the other threads on this board, I climbed underneath the car to check the connection at the differential on the rear axle. Sure enough, the two wires had the insulation completely worn off and one of the wires was broken. I resoldered the broken wire and coated both wires with "liquid insulation." Everything works great now.
Thanks to those on this board who pointed me in the right direction.
Note to everyone else: This appears to be a common problem. It would have been much easier if I would have applied the liquid insulation to the wires before the one broke. This is something you may want to check next time you are working under your "brick".
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