On my 79 model, there's a vacuum hose that runs from the carb bank to the fuel manifold valve. As long as there's vacuum, the valve is open and fuel flows to the carbs. Once the engine stops, the valve closes, and no more fuel. I think this is what you're looking at.
If you don't have the valve, you can cap off that fitting, and your bike will be fine. Probably run better too, with the vacuum leak plugged.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.