IC 2686 is a star -- perhaps merged with a galaxy and/or a faint defect. The neighboring galaxy is barely visible on the print of the original photograph, and Wolf's position points directly at the star.
However, his note says "att[ached] star 14, sf, * meas." Either he made a mistake and meant to say "np" instead of "sf", or (as I suspect) there is a faint defect northwest of the star that enhanced its nebulous appearance.
In any event, I've listed the star in the table with the galaxy to the south- east as a possible part of the IC object.