[davemc]

Most likely, it was an attempt to prevent moisture absorption. Which, as we know with the bakelite block caps and the brown paper caps, didn't really work as intended.

I don't think I've ever seen a Philco audio output transformer leak wax before. The primary must have developed a major problem for that to happen.

The output transformer was open. But there were no shorted or badly leaky capacitors (the radio worked once the output transformer was replaced). Likely it was a gassy 47 output tube (that tube was not original) - looks like it took awhile for the transformer to fail. The radio was eventually recapped after cleanup. It just seemed weird to me that Philco would have used clear pareffin wax rather than tar for potting.