C W

That's what I would use [very sparingly]

But first I would clean the exposed metal surfaces and an crevices with MEK on a Q-tip.

Good luck with this project.

And hold the rim in the position you want it to wind up in as the CA sets up so you don't wind up with a wobble. I learned this the hard way...good luck 

CA is just fine as would be 5 minute epoxy. Just be careful to clean all surfaces before hand and avoid getting the CA onto the white wall as it will mar it. Pull the tire straight out and hold. 5 min epoxy gives you a little more time to move things if needed.

Gandy

Here is how to do it thanks to Doug Peck

http://www.portlines.com/portlinesclinic11.htm

SIMPLE REPAIR OF A SEPARATED DRIVER:
        Old drive wheels frequently dry out, resulting in separation of the metal rim from the whitewall insulator. As a result of this, the metal rims can come in contact with the chassis. This in turn creates a short across the two rails. You cannot operate the engine this way without causing damage to the motor.
        Repair of this separation can usually be done quite simply, without having to pull the driver off the axle.
        (1) Remove all linkage from that side of the engine.
        (2) Clean all grease, dirt, and oil out of the "gap" between the rim and the whitewall, using a little tuner cleaner or rubbing alcohol on a tissue or pipe cleaner.
        (3) Apply a tiny amount of superglue in the gap and spread it evenly around the whitewall with a toothpick.
        (4) Carefully squeeze the two parts back together tightly. This is best done with two small screwdrivers placed under the rim, one on each side of the wheel. Be sure the whitewall is evenly and fully seated within the rim.
        (5) Replace all linkage.

Thanks to all for the information about fixing a loose American Flyer tire.

This morning I used Gap filling CA glue to make the repair.

In order to get good control over the application of the glue, I used an old trick that I read about in a hobby magazine long ago.

I ground away the head of a sewing needle until the eye was open on the top, forming a "U" shaped channel. Then I chucked the needle in a pin vise. This allows very good control over how much glue is on the applicator (needle), and where it goes.

I did follow the advice from Portlines (posted by Brad Rock), and removed all the side rods on the side with the loose tire. I also removed the side rod screw from the matching wheel on the opposite side. Being able to rotate the wheel was certainly helpful. (The loose wheel was ungeared).

THANKS AGAIN.