Stock Market Stumbles
At Start Of New Month
Many Favorite* Reach
Close With Losses»
Selling Light
markets at a glance
Stocks—Easy; dealings re
main sluggish.
Bonds Mixed; changes nar
row. . ..
Cotton Firm; broad trade
and outside buying.
Chicago:
Wheat—Unchanged »t eeil
tags. . . i.
torn — Unchanged at ceil
ings.
Rye—Unchanged at * cents
higher; lair demand.
■xjgs — Active, steady, top
f85 ceiling.
attle — General market
steady. Top S17.15.
NEW YORK, March 1—(TP)—'The
stock market Friday, got off to a
stumbling start on the new month
and, while scattered issues con
tested the shift with a show of
relative strength and dealings were
among the slowest of the past eight
months, many leaders dipped frac
tions to around twcf points.
A few good earnings statements
were helpful some bidding also
was attributed to the belief that
the list, as a result of the recent
sharpest relapse in more than eight
years, had achieved a much-de
sired technical correction of the
swing to highs since 1931.
Selling Light
Light selling persisted, however,
by those who were said to be skep
tical over labor disputes, price
controls and corporate profits. The
cloudier foreign situation. As em
phasized by Secretary of State
Byrnes, also was viewed by Wall
Streeters as a slightly bearish ele
ment.
The ticker tape barely moved at
intervals after a fairly active
opening. Transfers of 820,000
shares compared with 1,170,000
Thursday and were the smallest
for a full session since Dec. 20,
which, at the 800,000 figure, estab
lished a low aggregate since the
760,000 of Aug. 22. Extreme losses
were reduced in a number of cases
at the close.
.. .»
Averages vi*
The Associated Press 60-stock
average was off .2 of a point at
73,8. Only 919 issues appeared,
smallest since last Dec. 31. Of
these, 373 declined, 354 advanced
and 192 were unchanged.
Among the' day’s stubborn climb
ers was Norfolk & Western, up 7
points on sales of 460 shares;
American Distilling, up 3 3-8; In
land Steel, up 5 3-8 in response to
a 3-for-l stock splitup proposal;
Commonwealth Edison, up 1 1-8 in
reflection of a favorable earnings
compilations; Paramount Pictures,
up 1 3-4 and Caterpillar Tractor,
up 1
Casualties
Santa Fe dropped 2 1-4 and les
ser casualties included U. S. Steel,
Bethlehem, Chrysler, General
Motors, American Telephone,
Montgomery Ward, N. Y. Central,
Southern Pacific, Northern Paci
fic, Anaconda, Kennecott, Gene
Electric, American Can and Union
Carbide. Murray Corporation con
ceded 5-8 when directors failed to
act on a dividend.
Improved were Shamrock Oil,
Glenn Martin, Johns-Manville U.
S. Rubber, Great Northern, Inter
national Harvester, Deere and
North American.
Bonds Mixed
Bonds were mixed. Cotton fu
tures jumped $1.15 to $1.95 a bale
on hopes for price ceiling altera
tions. At Chicago oats and ry®
were unchanged to up 1-4 and 2
cents a bushel, respectively.
In the curb Scoville Mfg. eased
1-4 on a reduced dividend. Frac
tional plus signs were retained by
Equity Corporation, Raytheom ana
International Safety Razor B.
Turnover here was 380.000 shares
versus 510,000 yesterday.
STOCK AVERAGES
Compiled by the Associate Press
March 1 , _ „
Net change — D .2 D. 5 unch D .2
Friday _ 97.9 45.1 51.3 73.8
Previous day 98.1 45.6 51.3 74.3
Week ago .--101.0 46.7 52.0 7o.9
Month ago_106.4 50.9 53.9 30.3
Year ago_ 83.5 37.3 41.5 82.0
1945-46 high .106.6 51.0 54.1 80.4
1945-46 low — 78.6 32.9 39.2 57.8
1944 high_ 79.2 34.5 39.2 58.3
1944 low ..-_ 69.1 22.9 35.1 49.5
Stock Market Quotations
(BY THE ASSOCIATED PRESS)
Previous Yesterday |
Close Closa
Alleghany .67/» J
At Chem and Dye-193 194
AlHs Cnal Mfg. 49 48%
American Can- 94 93%
American Car Fdy — 60% 60%
American Roll Mill — 30% 30%
American Smelt and Ref62% 62%
A T and T ..190% 188Vi
American Tobacco £ .82%% 82%
Ana oc on da _46 Vi Vi 45%
Arm 111 ..13%% 14
Atlantic Coast Line — 70% 69%
Atlantic Refinery _35% 36V-8
Aviation Corporation — 12% 12%
Baldwin ..._ 33 32%
Baltimore and Ohio — 23% 23%
Baimsdall _ 23% 23 Vi
Bendix Aviat - 52 51 Vi
Beth Steel -.—100 99
Boeing Airp _28% 28%
Borden _49% 50%
Budd Mfg —. 40 40%
Bur Aid Mach.17% 17%
Cannon Mills _— 62%
Case J I_43 43%
Caterpil Trac _67% 68%
Ches and Ohio_57ys 56%
Chrysler ..122% 121%
Coca Cola -185% -
Coml Cred _ 50 50
Corn! Solv _20% 20%
ri_ in. __i n_j.i. a a
VV/iil IfV I ril 6 11U t^VUkU- * i
Consol Eriis i_3314 3314
Cons Vuitee _23% 28%
Cont Can _41% 40%
Com Prod _64% 64
Curt Wright _10 9%
Curtis Wright A-31 31
Dow Chem -150 150%
Doug Aire _94 94
Du Pont _186 185%
Eastman Kod_223% 225
Firestone _ 70 70%
Gen El .-.- 47% 47%
Gen Foods _ 57 52
Gen Mot_-72% 72
Goodrich _ 72 72
Goodyear __ 61%
Gt Nor Ry Pf_— 56% 56%
Int Harvest - 80 8914
Int Tel and Tel-- 25%
Johns Manu,__142 143
Kennecott -53% 52%
Ligg and M B ..90 89%
Loews _ 36 * 3514
Lockheed _38% 38%
Lorillard_,---26% 25%
Mont Ward_81 80
Nash Kelv .— 22 22
Nat Bis ..31% 32%
Nat cash Reg _38% 38%
Nat Otst .70% 26%
N Y Cant... 29% 23%
No Am Av.— 14% 14%
No Pac --30% 29%
Packard --11 11%
Param Pic - 66 67%
Penney J C - 53 53%
renn xv av —-txj 78 1072
Pepsi Cola-.-35% 35%
Phillips Pet .51% 50%
Pitt S and B „—--12 11%
Pullman 1--- 62 62%
Pure il.20% 20%
Radio -.16% 16%
Radio K O __19% 1.9%
Rem Rand —_36% 36
Repub Stl -33% 33%
Reynolds B —-- 39 39
Sears _—— 41% 49'%
Soc Vac ...1574 15%
Sou Pac __—_59% 58
Sou Ry_•--— 53% 53%
Std Br .. 44 44%
Std Oil N J. 66 63%
Stewart War_21% 21%
Swift —■__ 38 37'%
Tex Co__ 54 53%
Un Carb .103% 102%
Unit Airl_44% 44%
Unit Aire .32% 32%
Unit Corp_C_ 6 5%
Unit Drug 1.2fl% 29
Unit Fruit .111% 1124!
Unit Gas Imp _25% 26%
U S Indus Chem_ 54 54
U S Rubber __65% 6545
U S Smelt and Ref 72% 7245
U S Steel __82% 81«
Vanadium_32% ■ 33
Va Caro Chem .10% 10%
Warner Pic .38% S74i
West Un A.47% 47
West El .34% 34%
iWooiwxuth _•_53% 53%
CURB
Can Marconi _ 4% 4
Cities Service _28% 29%
Colon Dvmt _1 4% 4%
El Bond and Share 20% 20%
WHAT STOCKS DID
NEW YORK, March 1—(A1)—.
Fri, Thnr.
Advances __354 460
Declines _373 200
Unchanged_192 181
Total Issues _919 941
BOND MARKET HAS
SLOWEST SESSION
Trading In Rail Lines Ir
regular, White Utilities
Edge Forward
NEW YORK, March 1—The
bond market idled through its slow
est sessions since Dec. 20, Friday.
Rails were irregular while indus
trials and utilities edged narrowly
forward.
Sales totaled only $4,370,000 com
pared with $4,800,000 Thursday.
On their first sale since Feb. 18,
St. Louis-San Francisco 5s of ‘50
dropped 10 1-4 points to close at 64
3-4. Seaboard Air Line consolidated
6s were down 9 3-4 from the pre
vious sale, and the certified re
funding 4s of the same line dropped
5 1-2.
narrow Limits
Most changes held to narrow
limits. Higher at the close were
Third Avenue adjustment 5s, Pitts
burgh Consolidation Coal 3 l-2s,
Southern Bell Telephone 2 3-4s.
American Tobacco 3s of '62. Wis
consin Central Superior & Duluth
Division 4s, New Haven 4s of ‘57,
and Northwestern 4 l-2s and Con
sumers Power 2 7-8s.
On the offside were Central Rail
road of New Jersey 4s, Rock Is
land refunding 4s, Detroit Edison
4s, American Telephone 2 3-4s oi
‘75, Katy first 4s and Baltimore &
Ohio stamped convertibles.
Foreigns Mixed
. The foreign list was mixed with
Norway 4 l-2s and Pernambuco
stamped 7s" showing improvement
and Argentine 4 l-2s and Peru first
and second 6s declining.
Treasury 2 l-2s of '68-‘63 climbed
more than 1 1-2 points on the ex
change to close at 106 19-32.
The government issues were
mixed in outside markets with the
2 l-2s of Dec. 72-‘67 down 5-32 ir
the widest move.
BOND AVERAGES
Compiled by The Associated Tress
March 1
30 10 10 10 10
Rails Indus Util Ffn L. Yld
Net change unch A.l A.l unch unci
Friday 103.9 104.8 1 08.1 76.5 119.6
Prev. day 105.9 104.7 108.0 76.5 119.6
Week ago 106.3 104.7 108.4 76.6 119.;
Month ago 105.8 104.6 109.1 76.7 118.6
Year ago 99.5 105.4 107.4 71.3 117.6
1945-46
high 106.9 105.5 1 09.5 77.0 119.7
1945-46 •
low 96.2 103.4 106.8 68.1 116.3
1944 high 96.5 105.7 107.3 68.8 116.1
1944 low 79.5 104.6 104.7 63.2 114.6
NAVAL STORES
SAVANNAH, Ga., March 1—(7P
—Turpentine 83 1-2; offerings sale;
and receipts none; shipments 12;
stocks 2,218.
Rosin, offerings and sales 51;
receipts and shipments none;
stocks J5,560.
^U0-P- Prices unchanged.
| NUMBER OF RAILROAD JOBS 1
THOUSANDS. Employment on Clast L Railroads at tha End of Each Year WOUSAND^
t—i—•—■ • *' I I I I—1—I—I—r2000
/
1975 ‘24 '27 '21 '29 '30 '31 '32 *33 "34 -3S '» '37 '3» '39 '40 XI '42 ’43 '44 '45
Soure* of 0«t«: Intertftf* Commerce CommiMion^ ^ %. fi*
Cotton
NEW YORK COTTON
NEW YORK, March 1.—<8P)—Cot
ton futures soared to new 22-year
peaks on gains of $1.15 to $1.95
cents a bale at the close of heavy
trading, Friday.
Buying was inspired' by the be
lief that price controls might be
considerably eased and a growing
realization that cotton stocks in the
country are being sharply reduced
through short crops and demand,
particularly in the export field.
Mill covering in the near months
and outside buying in the new crop
positions accounted for a scarcity
of offerings.
Immediately favorable market
factors included the increase in the
mid-February cotton parity and an
announcement by the Commodity
Credit corporation that it is sus
pending government cotton sales
imtil March 15 and will hereafter
offer cotton on an exclusive bid
basis rather than at the govern
ment stabilization price.
Traders felt this would bring up
CCC prices to market levels, which
are about 2 1-2 cents a pound above
the stabilization level.
Cotton futures closed $1.15 to
$1.95 a bale higher.
Open High Low Last
Mch 23.65 26.88 26.65 26.94b up 37
May 26.78 27.05 26.78 27.04 up 34
jlv 26 79 27.10 26.79 27.09 up 89
Oct 26.77 26.94 26.77 26.94 up 23
Dec 25.75 26.92 26.75 26.91 up 26
Mch 26.73 26.90 26.73 26.90 up 23
Middling spot 27.64n up 33
n—normal, b-bid (stands Tor
night).
NEW ORLEANS MIDDLINGS
NEW ORLEANS, March l.—UR
—The average price of middling
15-16 inch cotton Friday at ten
designated southern spot markets
was $1.70 a bale higher at 26.90
cents a pound (new season high);
average for the past 30 market
days 25.68: middling 7-8 inch av
erage 25.27,
NEW ORLEANS COTTON
NEW ORLEANS, March 1.—(£*)—
Cotton futures closed very steady
$1.10 to $1.55 a bale higher.
Open High Low Close
Mch . 26.53 26.75 26.49 26.76b up 24
May 26.79 26.99 26.97 26.99b up 28
Jly . 26.84 27.10 26.81 27.10 up 31
Oct . 26.82 26.97 26.82 26.97 up 22
Dec 26.83 26.94 26.80 26.94 up 23
b—bid.
nevTorleans spots
NEW ORLEANS, March 1.—(tfi
—Spot cotton closed steady $1.50 a
bale higher here Friday. Sales
875, low middling 21.50, middling
26.75, good middling 27.15, receipts
3,356, stock 189,981.
Livestock
CHICAGO LIVESTOCK
CHICAGO, March 1—(A3)—Cattle
prices were mostly steady, Friday,
and clearance was generally
broad. Small killers and eastern
order buyers took the bulk of the
2,000 salable receipts.
A moderate supply of fed steers
sold for $15.50 to $16.85, with best
grades topping at $17.15. A lim
ited supply of heifers brought $15
down in a cleanup market. Most
beef cows sold for $10.50 to $12.75
and vealers were unchanged at
$16.50 down. Heavy sausage bulls
reached $1,325 and fat bulls went
at $14.25.
Almost all grades of the 5,000
salable hogs old early at the $14.85
and $14.10 ceiling prices and the
same number went direct to pack
ers. The market was active and
steady.
Slaughter lambs closed steady
to 15 cents higher with one load
of good and choice natives at
$15.80, the highest price of the
season. Medium and good wooled
skins sold for ■ $14.00 to $14.60.
Medium ewes ranged from $8
down.
RALEIGH POULTRY
RALEIGH, March 1—(A3)—(NC
DA)—Poultry and. egg markets
steady to firm.
Raleigh—U. S. Grade A, large,
36. Broilers, fryers, and roasters
22 to 25.
N. C. HOG MARKETS
RALEIGH, March 1.—UP)—(NC
DA)—Hog markets active and
steady with tops of 14.55 at Clinton
and Rocky Mount and 14.90 at
Richmond.
WASHINGTON POULTRY
WASHINGTON—U. S. Grade A,
large, 40. Broilers and fryers,
mostly 25.
DAIRY PRODUCTS
CHICAGO, March 1.—(A3)—But
1 ter, firm: receipts 346,924; mar.
ket unchanged.
Eggs, receipts 16,520, steady,
market unchanged.
SWEET POTATOES
CHICAGO, March 1—(A>)--(NC
DA)—Sweet potato markets strung
er. Louisiana bushel crates P
Ricans 3.90 to 4.10. Tennessee
bushel hampers Porto Ricans 3^
to 4.00. -f
Grain
CHICAGO GRAIN
CHICAGO, March I.— (B>) -
Stronger cotton markets and a
continued rallying tendency in
May rye at Winnipeg provided
sufficient incentive for brokers
here Friday to bid the price of the
grain substantially higher de
spite selling pressure.
The trade again whs of an in
and-out character. Bulges of
around two cents a bushel brought
out sufficient profit cashing and
stop loss selling to hold fluctua
tions within an extreme range of
around three cents, all of it on
the forward side.
High For Day
The high for the day, at $2.80
1-8, was within two cents of the
season’s peak, scored about three
weeks ago.
Wheat, corn and barley con
tinued at ceilings of $1.80 1-2, $1.18
1-2 and $1.22 1-2. Oats finished un
changed to 1-4 cent higher than
yesterday’s close, May 81-cent
ceiling, and rye unchanged to two
cents up, May $2.19 3-8-5-8.
Reaches Limit
At Winnipeg, May climbed the
limit of five cents a bushel twice
during the session, but close 2
cents to the good.
With advances to 1-8 to 14 cent
a bushel, September and Decem
ber oats ended the day only 1-2
cent under the ceilings, virtually
closing those deliveries out again
as speculative contracts.
Brokers heard a report that
Great Britain had purchased about
1,000,000 bushels of Canadian oats
and that 5,000 tons had been sold
tn Belgium.
OATS SCARCE
Meanwhile, oats buyers were re
ported to be on a widespread
search of the actual grain without
obtaining anywhere near the
amounts needed to meet their
requirements. Futures trading in
oats has dropped sharply the
past week. One grain firm said
less than 750,000 bushels changed
hands in the futures pit In one re
cent session, compared with daily
rye turnovers of 6,000,000 bushels
or more.
Open High Low Low Close
WHEAT:
May 1.80% . —.. - —- ^80%
Jiv7 1.80% . 1-80%
Sep __ -_ __ 1-80%
Dec . 1-80%
CORN: 1 1Q1Z,
sep :::..
OATS:
May 81 61 61 81
Jly 81 81 81 81
Sep 80% 80% 80% 80%
RYF *
May, 2.19 2.20% 2.17% 2.19%
Jly ..— . 1.44%
Sep _ !•«%
Dec - -.
BARLEY:
May . . ..
Jly _ 1.22%
Sep _ 1-22%
CASH GRAIN
CHICAGO, March 1.— (JPl —
Wheat; No. 2 red 1.79 nominal;
No. 2 hard 1.79 nominal, ceilings.
No corn sales.
No oats sales.
Barley, nominal; malting, 1.24
1.39 1-2; feed, 1.10-1.23 1-4.
Field seed per hundredweight,
nominal; red clGver, 31.50; sweet
clover, 10.75; alsike, 28.50; alfalfa,
common, 33.50-36.50; timothy, 5.
75-76-6.00; red top 12.00-12.50.
CHICAGO BUTTER
CHICAGO, March 1.— (A‘) —
CUSDA1—The butter market was
firm Friday and unchanged at
OPA ceiling prices.
Eggs were steady to firm,
large No. 1 and No. 2 extras, 35
1-2-37.4; No. 3 and No. 4 extras,
35-36: medium extras, 32-33; Stan
dards, 33-34 1-2; current receipts,
33-33.8; dfirties, 39-32 1-2; and
checks, 31 1-2-32.
Bond Quotations
NEW YORK March 1—W
At and Sf 4s 9o--—fjgg
Canr'?acS4f PcVp'IH-I"I-Ill3V4
Cb and Q.41'^,77 —.
Crfp^and
SlVcVf? 5s 2013 _100%
« y c RXg 5 2013 ..-100%
4%S 65 ——-127%
Sal C 6s 45 —-143%
Sou Rv Cn 5s 94 - Infill
Sou Rv Gen 4s 56.‘"imp
West Md 4s 52 —.—110%
FOREIGN BONDS
Aust Ali, b55-«uT-"""""102%
Braz 6%s 2657*'IIII--55,,
Bio Gr Do Sul 6s 68 ;—- 40 A
K TREASURY BONDS
2%s 68-63 -- 106 3
2%s 69-64 Dec .'"1104 30
2%s 72-67 June.""_105/2
2%s 72-67 Dec.
BOOTS AND HER BUDDIES-^ VER\ SlMppg
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AH, DORIS, -
---1- I MUST
WEREN'T MX) THE CONFESS, T
GOOD LITTLE BOy LOVE BEING!
NOW...FINISHING TREATED AS A
ALL THE PUDDING.' MISCHiEVlOUS
—LITTLE lad/ r
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feel-7 oreat
PE A POWER IK
FINANCIAL «WIM
A6A1IL
W OH, BUT YOUVE BEEnT DON'T SEE 1
SO WONDERPUL TO US-WE I WHY NOT— I
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r STILL HAVEN'T A ’
SHREP O' PROOF
ASAINST VALK...N0R
AS TO JULKIE'S HIPINS
PLACE,.. BUT THERE'S
ONLY ONE EXPLANA
Sl tion that fits all
|L the facts... ^
ie<sftL^m
f WAV TO SET PROOF 1
WITHOUT ENPANSERINS
AN INNOCENT PERSON!
MV ONLV CHANCE IS
, tO CATCH JULKIE
L BY SURPRISE... ^
GASOLINE ALLEY— ANTIQUESHofl I
V von WRONG HER, W EXCEPT FOR THOSE SEAT ^ WE GET NOWHERE BY ARGUMENT, ThAtIm^
BOBBLE SHE HAP ^ CUSHIONS AN' WHATS LEFT . GENTLEMEN. TAKE HER AN' VOiJRE
NEW PISTONS BACK IN OF THE FENDERS YOU'D GIVE .HER A GOOD TRYOUT.. IF J ABSOLUTElv
GENTLEMEN. NO GLAMOR, '32, NEW RINGS IN '30. 2 HAVE A HARD TIME POINTIN’ SHE ISN'T WORTH $400 SHEff RIGHT,
NO GADGETS. BUT ft SPRINGS AN’ wUrarvrMl OUT ANY ORIGINAL PARTS. j ISN'T WORTH A CENT. ^ 'v MR. AVERY,
STEADFASTANPRELIA8LE.il NO BRAKES./p > k&V-^ 1
DR. BOBBS— _ * by ELLIOTT and McARDLE |
NO-IT CANT BE-I WATCH
SHE'S ACTUALLY!—* TOUR
SMILING..DID r> TONGUE,
SOMEONE YOU [ SMALL J
CARE FOR
KICK THE
BUCKET?J
VOU MAY BE TRIFLING WITH [
TEN MILLION BUCKS iNf
y 3-2
3msApcIIe.
THE GUMPS— THE MILITANT FEMALl I
HAVE VOU LOOXEP UP THAT THE NAME
‘SfAELL'VV&IONCORTORATION'^■) MIN !■$-. ‘
FINANCIAL $TAN(?IN<3? HAVE /^MBLL-A -
yoU IH&RECTEP THEIR / VISION fz.
IVE <5CT A HUNCH ^\A/0, •$//?' I'M
THAT AAV PRONUNCIATION \ GOING TO DO
WILL PROVE THE CORRECT) SOMETHING
ONE-IM NOT<50INO TO/A0GUT IT- <W
LET YOU THROWAWAY/ RkSHTNOW!1
TRISHAS FORTUNE/] k
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LITTLE ORPHAN ANNIE— HERE TODAY, HERE TOMORROW[ |
T WE HERE IN SMOKY HOLLOW ^
[ AREN'T MUCH FOR PRYING INTO 1
| OTHER FOLKS'PRIVWT BUSINESS- I
[ DON'T USUALLY NEED TO PRY— I
I WE KNOW EV'ERYBOCYS-BUSINESS I
k HEREABOUTS- — „
HAROLD i
GRAY* 1
OUT OUR WAY— By J. R. WILLIAMS
OUR BOARDING HOUSE with MAJOR HOOM \
\e°-ro kTwe^hfd T ,7h Bljllo' ‘TH’ Vwell.now he \
JSJe,r*h Hro dcED‘ / WOODS 15 GITTIM’ \ KKJOWS HOW IT i
S4dZ < SOME OF HI5 FEELS - HE <
fo^TO 8EoS>Dlo-\ hecam^prf" < o^th^ov^L
apaphph AK\n / .2^ CAME HERE \ Or- TH BOYt? AM ;
^Trf BASEMEWT A -rBER- A ftSST AM’ ) GIRLS WHO CAME !
TO GAGGLE' RL)SH'M’ / TOTH'SHOPS >
TO GARGLE, y ? HIS REST--THEY \ FER. A REST/ f\
~j " ^I^^EED gQQM^ ^>~y_—
SNUFFY SAID HE'D W "SPORT* 2 MY ^ J 5
SEND OVER A WORD, BUT THE NAME^f/ ■
JH a FAMILIAR ci^ I
named Ring/-** hm/Surely \ \ -T'S
SPC?f'IoT0 SAX)& IF NOT THE same CHEF- J > THIWI
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^ttaoking The Jkl owls Picnic several \ ( topc'1
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