Talked with a 'grey-beard' colleague about this phenomenon and he thinks it's probably a carbon composition resistor. These like to change their value permanently from a number of environmental and process conditions. Their advantages: Low parasitic inductance and high resistance to impulse overload.
https://en.wikipedia.org/wiki/Resistor Carbon composition Carbon composition resistors (CCR) consist of a solid cylindrical resistive element with embedded wire leads or metal end caps to which the lead wires are attached. The body of the resistor is protected with paint or plastic. Early 20th-century carbon composition resistors had uninsulated bodies; the lead wires were wrapped around the ends of the resistance element rod and soldered. The completed resistor was painted for color-coding of its value.
The resistive element in carbon composition resistors is made from a mixture of finely powdered carbon and an insulating material, usually ceramic. A resin holds the mixture together. The resistance is determined by the ratio of the fill material (the powdered ceramic) to the carbon. Higher concentrations of carbon, which is a good conductor, result in lower resistances. Carbon composition resistors were commonly used in the 1960s and earlier, but are not popular for general use now as other types have better specifications, such as tolerance, voltage dependence, and stress. Carbon composition resistors change value when stressed with over-voltages. Moreover, if internal moisture content, such as from exposure for some length of time to a humid environment, is significant, soldering heat creates a non-reversible change in resistance value. Carbon composition resistors have poor stability with time and were consequently factory sorted to, at best, only 5% tolerance. These resistors are non-inductive, which provides benefits when used in voltage pulse reduction and surge protection applications. Carbon composition resistors have higher capability to withstand overload relative to the component's size.
Carbon composition resistors are still available, but relatively expensive. Values ranged from fractions of an ohm to 22 megohms. Due to their high price, these resistors are no longer used in most applications. However, they are used in power supplies and welding controls. They are also in demand for repair of vintage electronic equipment where authenticity is a factor.
German kikepedia has a special article with some nice pics: https://de.wikipedia.org/wiki/Kohlemassewiderstand
Yes, it's a carbon comp resistor. They generally increase in value because the ceramic grains get damp and/or lose adhesion. Some will decrease in value, but not like this one did. This is practically a short circuit.
We don't use them anymore because they're noisy (electrons bouncing from grain to grain like an old phone mike) and they just kind of generally suck in light of newer film technologies. This device is from the late 40s, that's all they had that was in cost reach of this type of device.
(post is archived)