Hi Marty,
As far as I can tell, everything in the subset looks okay. It's a bit hard to tell where the wires on the terminal board go, though, so if it doesn't ring, take the four ringer wires off the terminal board and move them all to the network: black to "L1", red to "L2", slate (grey) to "K", and slate/red to "A".
Inside the phone:
The red wire from the mounting (connecting) cord AND the red wire from the handset cord, both go to the "R" terminal on the dial.
Both white handset wires should be connected to the "W" terminal on the dial. The "W" terminal is tucked down low, to the right of the other terminals.