KLO,
Very likely. Back in the 30s, 40s, 50s, they used aluminum wiring covered with latex insulation. Aluminum is an excellent conductor for electricity but it swells and shrinks due to heat. This breaks down the seal for the insulation, and can cause screw connections to loosen. A big cause of house fires.
Aluminum wiring is also prone to corrosion.
The latex insulation ( same stuff as surgical gloves ) has a limited life time and eventually deteriorates. Then it can turn gooey and melt .... ick, or dry out and crumble away. Sometimes, as in my 15-91, at the same time.
So any machine made from those eras needs a through electrical inspection and evaluation before being plugged in.
The results of bad wiring can be catastrophic at the worst, and exhilarating in a bad way at the least.
Joe