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The usual cathode bypass capacitors are eliminated, and replaced by a resistor connected from cathode to cathode of succeeding stages. It is shown that no gain need be sacrificed, and a great reduction in low-frequency phase shift is obtained. The addition of a small capacitance across a portion of the intercathode resistance gives an improvement in high frequency response and phase shift. Gain and stability equations are derived, and a circuit diagram of a practical amplifier is given.