When you replace the clutch cable make sure to follow the proper adjustment procedure for the 500.
1 - Screw in the adjuster screw on the hand lever as far as possible.
2 - Screw in the case adjustment screw on the cable as far as possible (where the cable enters the side cover).
3 - Loosen the lock screw on the left side cover
4 - With a large flat blade, tighten the slotted adjuster clutch as far as it will go. Then, back it off about an 1/8 of an inch
5 - Tighten the lock screw
6 - Screw out the case adjustment screw to take up slack
7 - If needed, screw out the hand lever adjuster to take up extra slack. Make sure to leave about 1/4 in of free play in the lever
8 - Set the lock screw on the hand lever
9 - Set the lock nut on the case adjuster
10 - Go ride
As calj737 said, when you replace the cable:
- Check that the push rod is in one piece and is not cracked (Part #7)
- Check that he ball bearing is in the clutch lifter where the push rod goes into the cam
- Check the clutch lifter for any damage and verify that the spring is in working order (Parts #3 & #4)
- Check the adjuster clutch for cracks and check that the seal is not damaged (Parts #5 & #9)
- Lube the adjuster clutch and lifter with some grease before reassembling
http://www.cmsnl.com/honda-cb500k2-four-1973-usa_model461/partslist/E++11.html#results