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That Sprague can must be a replacement. The can behind it may also be; you could try to pull the cardboard sleeve and see. The cans may be isolated merely so that they can be "star grounded" at another point, but more likely they are hot.
That the record player "works like a charm" tells me that this set has had some fairly recent and extensive TLC.
You're talking about a near 60-year-old set, and electrolytic capacitors can die on the store shelves in half the time, and the original idler drive puck in the changer would be glazed over like a golf ball, or altogether just dust and crumbs in the turntable pan. Also a crystal cartridge in the tone arm that is still giving output is likely to be a replacement in my experience; the crystal element in the original would have its bushings in dust, and would likely itself not be in good shape. Six decades is a long time.
The advice from bgadow about checking can temperature is good--along with the warning about voltage levels.
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