It is a pair of twisted cable very common in audio. the shield is tied at the source and not tied anywhere else it protect external influences from external sources to be effective no current should flow only noise current will terminate to ground. The pair one is hi the other terminate to ground along with the shield.
Thanks for the reply. My transducer has two leads - one goes to a bandpass circuit and the other to ground. What do I do with these three wires with respect to the transducer? The transducer is my "microphone" - I never have worked with microphones to know what to do with the bias wire, etc.
Well the shield should be tie to gnd one lead should also tie to gnd, and one lead is there to carry the signal to your mike and one lead is the return or gnd. the shield i just there to shield external noise and it also should be tied to gnd at one end only to act a a shield. Which is hi I don't know but a simple voltmeter test will tell you.take care