[Groundhog74]

I had the same problem with mine. The output transformer mounted on the speaker was open. Got one from Playthingsofthepast.com for about 8 bucks plus shipping. I troubleshot it by hooking up an old speaker across the contacts of the transformer. Don't remember which two contacts, but you'll figure it out.
For what it's worth, I like to get my sets working if possible before doing a re-cap. I test for sound after each cap R&R. That way I know immediately if I screwed up. Yes, I've had a couple get all smokey on me...but so far, nothing serious or un-fixable happened.