Additionally, for anyone interested, here's the link to the issue of PE where the circuit was published, includes nice explanation and couple of quirks like removing the diode producing the tremolo effect (is it due to the fact that they are there for temperature stability (?) and without them those early transistors would just fluctuate in gain, thus bringing the tremolo effect? I'm far from being an engineer and I'm interested how it works and that was just my educated guess)
https://archive.org/details/PracticalElectronics1967November