This subject of Soldering and Philco Wiring is so important that I decided to do it in two parts, the first half Soldering the second half Philco Wiring.
Replacing the capacitors and resistors could lead to a disaster if not done correctly.  Be sure to work on recapping and replacing resistors a few hours at a time.  I know itís fun but itís very easy to make mistakes when you are tired.  Even worse youíll find yourself compromising quality, as you are anxious to get it working.  Be patient and work carefully.   If you donít have the time to do it right this time, youíll never have the time to do it again.
When you are done with the recapping and replacing of resistors, treat the set as if there might be a short in it when you turn it on for the first time.  Be ready to quickly disconnect the power.
I have four (4) sets of locking forceps like doctors use.  The paper capacitors usually are much bigger than the new replacements and have long leads.  I clip the old capacitors up next to the body and clamp one pair of forceps to the old wire and do the same with the other old wire capacitor end; that way if I am interrupted or stop for the day, I have not lost where the new capacitor goes.  When I stop for the day I put the old capacitor on the bench in front of the set, this way I know what value goes where when I start up the next day.  I had three (3) occasions when I put the capacitor on the wrong terminal.
With the forceps, I put a ĎJí hook in the old leads, a ĎJí hook in the new capacitor leads and crimp them together.  Hold the iron to the terminal or wire and heat it up, then start to apply the solder to the terminal or wire, letting it melt the solder rather than the iron tip.  Let the solder flow liberally around the joint.  Be sure to keep the wires steady as the joint cools and always inspect the connection for ďdryĒ areas.  The solder MUST bond well to both metals being joined and the joint shiny.  A word about after the soldering is done.  Take your forceps and pull the joint to make SURE the job is done right.  I had two (2) occasions where the radio did not work correctly and it took a long time to figure out that the bad soldering joint was the problem.
PHILCO made a lot of run changes to redress the wiring.  I very seldom completely remove the wires from the terminals. You can get yourself in a lot of trouble doing that.  Donít move the wiring around a lot or change the direction and location of it.
Keep a notebook and pen by the work area to make notes.  Itís easier to make notes for reference than to remember what you did when trying to figure out what is wrong!