[Jerryhawthorne]

Nice to have new people in the hobby. Listen to the advise. Nice radio but you have some parts in there that are ready to give up the ghost. You just found one! As said, that cap is probably across the A/C line and with age, when they give up, short out and tend to explode! There are a few other caps in there that should be replaced as well. As this is a newer radio (so to speak) you will have to find someone who can link you to a schematic from "SAMS" that published schematics for post WW2 radios. Going through and replacing any of those nice bumblebee caps and the couple of electrolytic caps should get that radio back and singing nicely and safely.
Enjoy the hobby, it's a lot of fun. I should add that this radio is an AC/DC radio. That means there is no power transformer in it to isolate you and your body from some nasty shocks. Do NOT do any work on the radio, touching the chassis if it is plugged into the wall, even if you have the on/off switch turned off. Always unplug the radio when touching the bare chassis.
Jerry