Word: thermostat
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Dates: during 1920-1929
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John Spencer grew to years of discretion and mechanical knowledge. Re- cently, the U. S. Patent Office issued to him a basic patent for a new type of quick-acting thermostatic bimetal device.* Last week, the Westinghouse Electric and Manufacturing Co. obligated itself to him (according to report) to the extent of a million dollars for this patent. The Spencer Thermostat will now appear on a variety of electrical apparatus, chiefly irons, coffee-percolators, water-heaters...
...Foreign exchange should be considered not as a barometer, but as resembling the thermostat more closely. As the thermostat regulates the temperature of a room, so do the changes in foreign exchange regulate the international trade. The effect necessarily reacts on the cause and will without doubt control it later. We will see prices come down when the exchange rates are more nearly even and when the imports to this country more nearly equal our present tremendous exports...