[KOGO600]

I have a 38-3 PC with the Capehart Phono changer that is stock. Great radio the cabinet for the phono model was made by radiobar.

But it still could be a transformer buring away, I had a 1938 Zenith child's console that I was listening to, and I smelled something burning, and IT WAS the power transformer. Take the chassis out and turn it on and look to see where it is burning (at this point you can't do much more damage to it if it is the transformer), it can be a resistor that a mouse urinated on, it could be a cap, but it can definetly be a transformer! Don't rule it out.

If you are going to replace the electrolytics OBSERVE THE POLARITY! get plus and minus right, look it up on the schematic because the positive sometimes goes to ground on a Philco.