For Windows 95 only, editing the Registry directly can also control the display of the speaker icon. Editing the Registry should be done only by experienced users and with extreme care and the Registry should always be exported or backed up before any changes are made.
1. Start the REGEDIT.EXE program.
2. Go to the key HKEY_CURRENT_USER\SOFTWARE\Microsoft\Windows\Applets\SysTray\Services
3. Double click on the "Services" parameter and change its value from 3 for speaker icon hidden to 7 for speaker icon shown.