If he's at no load except the capacitors as filters (ie, capacitor input full wave, non-bridged, power supply), then it should drop about 25vdc or so, give or take, with the idle current of the output tubes as additional load. Make that about 70milliamps or so. You'd say... OMG, that means at full tilt its gonna drop another 50 volts! Strangely, they dont do that. Once you have a real DC load on them, of any real magnitude, the power supply will settle down, and only vary by the copper losses in the secondary... almost none.