THK HKK: OMAHA, FRIDAY, DFiCKMHlOR 20. 1912,
DENVER GATEWAY SEALED !
Union Pacific Ties Up the Outlet to
HILL MEN SAY OPPRESSION
Ilnrrlmnu Men Sn It U Onl? n
Hnslne Proposition for the
snr.Protrctlon of Ihr
According to tho other Omaha-Denver
railroads the Union Pacific has not only
Wwed the Ogden gateway, but has nailed
barbed wire over and across It. The Union
Pacific people admit that tho gateway
has been .barred and nailed and that the
koy has been thrown away. The trouble
is nil brought about by reason uf the
fact that tho IIIll Interests bought the
Colorado' Sc. Southern nroperty tliat the
Harrfman people wanted and wanted
As soon as the Hills got hold of the
Colorado & Southern they Issued the
ultimatum that In the near future they
would have An oeean-to-gulf line and
commenced bulldlnp. the ,gap through
Wyoming, discontinuing only when the
break occurred between the Xorthwogtcrn
and Burlington, wherfclJy tho latter ex
beclcd to luc the track of the former
aetween Towder River nnd Orln Junction,
Shortly nfter the Hills got hold of the
Coloiado & Southern tho Union Pacific
clo.od the Denver gateway reasonably
tight, but nothing like what It Is at this
time. In a general way the closing Is
against all competing roads Into Colorado,
but It hits the Burlington tho hardest.
Under the new order or things. If
freight ftom Omaha goes to points In
Colorado over the Burlington to Denver
and from there It Is routed over the
Union Pacific to destination, It does not
Kb unless the full local is paid. There is
no such a thing as a through rate. The
result Is that the through rate over the
llurllngton to Uemcr and the local fium
tliero to destination makes the aggregate
i ate practically prohibitory.
llurltiigton people look upon the move
as oppression, but on the other hand,
I'nlon Pacific officials say It Is simply
biiilness for !elf protection
MORGAN SAYS THERE
CAN BE NO MONOPOLY
IN MONEY AND CREDIT.
(Continued from Pago One.)
house often had much to do with tho
tablllty and success of corporations.
There's another point about It," ho
added, "You must remember that all se
em Ittes sold and Issued are not always
good and Avhen there Is a responsible
fiscal agent there Is moral strength be
"Will yo name any Instance of n rail
road bond proving bad, wheie your firm
has had to pay the loss?" asked Mr. Un
tcrmcyer. "I can't remember any case, but I know
there have been several," said Mr. Mor
gan. "AH that comes out of the security
"Xo out of the property."
"But that eventually comes out of of
the security holdor," suggested the at
torney. "Look over the whole history
uf .tho railroad business and see If you
can find one caso where the banker has
nad o stand the loss."
Mr, Morgan said he could recall no
Appoint Steel nonrd.
Mr. Untermycr turned to the fiscal ar
rangement with tho United States Steel
"Didn't you name tho entire board of
directors of tho United States Steel cor
poration?'.' ui-ked Mr. Untermycr. ,
"I think 1 passed on it."
"Hut didn't you hand out a, slip con
taining the names?"
"If passing on tho board is naming, 1
did uulto willing to assume all tho re-,
sponslblllty," said Mr. Morgan.
"But dld'nt you say who should go on
nnd who should stay off?" persisted tlTc
"I possibly did the latter,'" replied tho
financier, amid .a laugh.
Mr. Morgan said he had not 'passed on
all who went on the board of the 'Steel
corporation, but said no members had
ever gone on the joard against his pro
test. "Who fixed tho prices at which the
various subsidiary . companies should go
Into the organization?" asked Mr. Un
termycr. "I approved the price," said Mr. Mor
gan. "But It was left to you to determine the
jirlca at which they should come. In?"
"Yes, but I wasn't always able to get
them at tho price we wanted."
Which committee of tho Steel corpora
tion selects the banks where Its fund'
shall be deposited?"
"The finance committee."
Mr. I'ntermyer asked If men had not
monopolized railroads and Industries and
ubuscd their power.
"I am not discussing the question of
railroads or merchandise; I'm talking
about money and credit," said Mr. Mor
gan. He suld a man might get control
of tho former! but could not get the
Mr. Untcrmyer asked whether Mr. Mor
gan thought competition among bunks or
concentration would be better.
"I'd rather have competition," replied
Mr. Morgan when pressed for an answer.
Competition Auiuiib Pnrtnrrs.
He said he thought several men could
bo directors In different banks and com
petition still be maintained between the
banks. Ho added that ho did not believe
jne man should run a great enterprise.
Don't you run your firm?"
"No, I do not."
He said he did not favor one man con
trol of great enterprises of any kind, even
You believe In concentrated power?"
asked Mr. Untermyer.
"Well, that Is a question of personal
power, of personality." replied Mr. Mor
gun. Mr. Untermyer asked about the possi
bilities of competition between the Guar
anty Trust company, the Bankers' Trust
company and the Bank of Commerce.
Mr. Morgan said that he knew nothing of
the details of the management of thoso
concerns. He said that the Bankers' and
Guaranty companies had taken. In seven
other companies and really represented
nine old truit companies.
"Thst Is an example of combination
and concentration." said Mr. Untermyer.
"How far do you think they ought to
W allowed to go?"
"I thluk they have got enough," said
"You don't think they ought to alorb
'No. They may be forced to take In
tome more companies.'
' Forced, for the good of the companies
absorbed?" asked Mr. Untermyer.
"Yes. forecd to absorb them to protect
At this point the committee ordered a
Ctiiimlntti c titliiB All Htulit.
After a short recess Mr. Morgan re
sumed the stand, while Mr. Untermycr
read Into the record laws covering the
voting powers of stockholders In foreign
banks. Mr. Untermyer referred to cumu
"You know that there Is cumulative
voting In the Pennsylvania railroad.
Under that plan one-seventh of tho stock
holders can get together and elect a di
rector. Two-sevenths can elect two di
rectors. Thus they can secure a minority
representation. Now most directorates
are controlled by bare majorities," he
"Yes." agreed Mr. Morgan.
"Don't ou think that the minority
should be represented In a directorate?"
"I tjilng that's n very good plan." He
added he would favor cumulative voting
If It would secure that result. ' .
Mr. Morgan observed that' the figures
showing slock voting methods in foreign
banks as Introduced by Mr. Untermyer
scmed to Indlcnte control by "what re
srmbled "voting trusts."
"They could simply put their stock un
der different names and evade that law. (
1 don't want to suggest that, but It could i
1. . 1. ! .t I
nunc. Iiu null,,
"But they don't allow that-" sort Jf
hocus poens over there," remarked Sir.
"I think tho lecords will show differ
ently." he returned. "There Is no placo
where mergers nnd consolidations have
taken, place to the extent they have In
Gieat Britain." Mr. Morgan added.
No Ciiinliliint Ion of Hunker.
Mr. Untermyer declared under the Eng
lish system there wole many groups of
bankers entirely Independent) of each
other and pet sons desiring to finance a
proposition could go to any one of them.
Mr. Morgan said he did not believe
there was any great combination among
bankers In the United States.
"Do you know of any railroad financed
Independently In recent years?" asked
Mr. Morgan said he did not know of
any, but did not think, however, that
either the domination of railroads by
bankers, or the unity of Interest of bank
ers had anything to do with It.
"Don't you and other bankers' control
the Beading road?" asked Mr. Unter-
"No, sir: If we do I don't know It,"
said Mr. Morgan.
"You don't think you have any power
In any line of Industry In this country?"
"No, I do not."
"Your power In any direction Is en
tirely unconscious of you?" .
IlllldAvlu Locomotive Deal.
"Well. Let's see about this concentra
tion situation," said Mr. Untermeyer.
"You took over the Baldwin Locomotive
"Yes," we handle their securities."
"Prior to that time the American Lo
comotive company had been formed?"
"Now, assuming that you and ,Mr.
nnkpp rmnirnl the ereat railroad systems
of this country and between you, jou
are Interested In the American Lcomo
flv ivimnniiv. what chance do you think
a new locomotive company would have
"I think .If would have a. good chance.
We could -not buy all our locomotives
from one company,"
"Do' you think It Is a healthy condition
for tho interests In the supply companies
to be Identical with the Interests of the
railroads that buy supplies?"
Mr, Morgan said he did.
Mr. Untermeycr asked Mr. Morgan If
he knew anything about the organization
of the Now York. Wyoming & West
ern railroad to open up new Independent
coal roads. Tills railroad figured in the
recent "hard coal" cases before the su
preme court, wheio It was held that tho
Temple Coal and Iron company had
strangled tho now road.
1r. llntermever asked if Mr. Morgan
knew Hobert Bacon, a former member of
his firm, had gone Into the coal rieio
and bought up tho collerles, so that tho
new road was not built. Mr. Morgan
said ho knew nothing about It.
The consolidation of the Lake Shore
r,.i Mint,lf?nn c'entral railroads Into the
New York Central lines was brought up
by Mr. Untermeyer.
"You believed In buying up the com
Mr Tlntermver asked about the con
solidation of tho Northern Pacific and
Great Northern In tho Northern Securi
"What was your Idea as to the reason
for destroying competition there?" asked
"i don't know." said Mr. Morgan.
Mr. Untermyer then began a series of
questions about the elimination or com-IK-tltlon
In the organizations of tho
United Stntes Steel corporation, but In
I will not en Into that." he said.
"That Is now in litigation and I will not
question you aDout h.
Kiliittntilp Life Pnrrhae.
Mr. Morgan testified that he bought
control of the "Equitable Ltfe Asauranc
society ftom Mr. Ryan and Mr. Harrl
man." He secured, he said, about J51.0G0
worth of stock, for which he paid
"The company pays 7 per cent divi
"About one-eighth or one-ninth of one
per cent on the Investment?"
Mr. Untermyer wanted to know If
James Stlllman and George F. Baker
were Interested in the purchase of the
Equitable. Mr. Morgan conferred with
his counsel about answering -that ques
tion and finally said Mr. Baker and Mr.
Stlllman had agreed to take one-half of
the Investment off his hands If at any
time he wanted them.
I ,(. I it til iiididvcu Mil niiunmb
why Mr. Morgan had thought It good
J business to buy the Equitable stock at a
j price that paid only one-ninth of one per
Mr. Morgan said he thought It was
j "good for the situation."
' Mr. Untermyer nsked why It was not
just as "good for the situation" In the
hands of Mr. Ityan and Mr. Harrlman.
"I don't know," said Mr, Morgan.
"But you thought It was better for you
to have It'."'
"That's the way it' struck me." said
Mr. Morgan. He added; "That Is all I
' hava to say about It."
I "The assets of the Equitable company
(are something over loOO.oOO.OOOT"
"I think about that "
I Mr, Morgan said he asked Mr. Ityan
to sell his Equitable stock to him.
urn he tay he wanted to sell it?"
"No, but he sold it"
Mr. Morgan said that he had but iw
Idea about the disposition of the Kuuit-1
"I think It should be turned over, that
Is the stock, to the policyholders." he
said. "That has always been my Idea "
"You mean sell It to the- policyholders
"For just tho price 1 paid for It."
"Then I don't understand why you
bought the stock."
"Only because I thought It was tho
thing to do."
"Then there wns no reason?" asked Mr.
"Well, that's the way you look at It,"
answered Mr. Morgan. "1 thought It
as the thing to do. Some day you'll
agree with me " 1
"Maybe some day you'll agreu with
me." returned Mr. Untermyer.
"Well, if 1 do. It will be for a good
reason," said Mr. Morgan with a laugh,
Mr. Morgan explained In more detail
that he had thought there wns a possi
bility of the Equitable stock being divided
that Mr. Ryan had already sold some
"That was nol the reason, ' he said,
"that's only ono of tho things that went
through my mind."
"Thr Thine to Iln."
"But what would have been the harm
If It had been divided?"
Mr. Morgan Insisted that the onlv answer
he could make ns to his purchase of the
stock wns that he "thought It was the
thing to do."
"1 am ready to stand before the com
munity on that," he declared.
Data bearing on the proposed mutual-
Izatlon of the Equitable company was
presented by Mi. Morgan's attorneys and
put Into the record. Mr. Untermyer then
offered a patoment of securities held by
the Equitable, Mutual, Now York nnd
Metropolitan Ltfo companies. Issued
through Morgan & Co. and now held by
the Insurance companies as part of their
As to the reason for the formation of
the First Securities, company, an adjunct
of the First National bank and tho Na
tional City company of tho Natlonnl City
bank, Mr. Morgan said bethought they
wore organised to deal In securities tho
banks, themselves could not handle. In the
National City company, ho said lie hud
a small holding, which ho later said was
worth at present value about $6,000,009.
"Do you call that a small Interest?"
"It's not a controlling Interest," sold
Mr. Morgan, "It" Is hot an Investment
that requires constant watching."
Mr. Morgan and the lawyer then went
Into a long discussion nhout clearing
houses and tho posslblo benefits of gov
Mr. Morgan Inclined to the belief that
the banks In a clearing house were en
titled to judge 1h admissibility of others
Concentration of Money.
Mr. Uritermyer again took up "concen
tration of money."
"The control of credits involves tho
control of money, doesn't It?" he asked.
"No, I think not. What I call mono' Is
the basis of all banking gold," replied
Mr. Morgan. He sold credit was tho
"evidence of banking," but not tho basis
of It. Credit was a great part of banking
"A man or group of men who havo the
control of credit havo tho control, of
monoymoncy. Isn't that so?" asked 'the
"If you had control of all that repre
sents tho assets of all the banks In New
York you'd have control of the money,
"No, I don't think so."
Mr. Morgan said that every commodity
except money could be controlled, but
that money absolutely .could not be con
trolled. On that point the witness wns
Mr. Untermyer asked If a control of
credit would not carry with It a control
of money. Mr. Morgan said no.
"But suppose a man had control of all
"If ho had the credit and I bod tho
money, his customers would be badly off,"
said Mr. Morgan, adding that credit had
no relation to tho control of money. Ho
said that he knew many men with great
credit who had no money.
Credit Without Money.
"1 know men who will come Into my
office and I'll give them checks for
$l,0u0,000 when they have nothing back
Mr. Morgan said that ho lent monoy on
the basis of a borrower's character.
"Is that tho way you lend money on
tho Stock exchange?" asked Mr. UhteT'
"Do you know to whom you lend money
when you send It to the loan stand on
the Stock exchange?"
"I know very soon afterwards. If a loan
comes in for "Mr. Bmltn,' and I don't
trust liim, I say, 'I'll call off tha loan'
even it It wan made on government
Mr. Morgan asked permission to move
up nearer the commltteo table. Ho took
ono of the commltteo chairs next to
Representative Hayes of California, As
he took his seat, bo remarked:
"I'm getting a little deaf as I got
Continuing his testimony he said he
knew very' little of operations on tho
New York Stock exchange.
"Don't you think tho quotations on tho
exchange should represent real transac
tions?" nsked Mr. Untermyer.
"I think they do. But I know nothing
uh to the facts."
"Do you think manipulation Is genuine."
"That's Illegitimate?" suggested the
"Yea, I think so."
He added that ho thought a majority of
the governors of the stock exchange con
sidered manipulation a dangerous thing.
Short Sclllnir la Necessary.
Mr. Morgan said ho knew the sales of
the New York Stock exchange were thirty
or forty times the amount of the out
standing securities dealt In. He said It
nould be difficult to prevent this. If he
bought stock, he said, he would probably
sell it again If it got high enough.
"Do you approve of abort selling?"
"I don't like 1U I never did any that I
know of. But I think you can't get along
"Why can't you get along without It?
That's like a man selling something he
has not got."
"That teems to be a principle of life,"
said Mr. Morgan with a chuckle.
Mr. Untermycr asked If there would not
bo less speculation If the money from
the country banks did not go to New
"Then they'd get the gold from
Europe," said Mr. Morgan with a wave
of his hand.
'Then you think you can't stop the
'speculation that way?"
"No, I think not." He added that he
thought that a high rate of Interest would
not prohibit it, nor a usury law.
"Suppose you wanted to find out tho
I commitments of a Wall slxixl.JJitI&tti.
COME EARLY FRIDAY
Into how ninny banks uml trust companies
could you dclvn through your own part
Mr. JloiKJin sulil that directors could
not (fo Into the affairs of a bank that
way. aceonllnir to IiIh unilerstnniHnir of
tho duties of a director. Ho wis certain
of his position.
"Well, then 1 rucks that will bo till.
Mr. MorBan," uald Mr. Untermyer, and
tho financier left tho stand. Ho hook
hands with Mr. Untermyer and tho mem
bers of tho committee, held a whispered
conference with hli attorneys nnd left
The committee adjourned" until Janu
Farnam 1300 Block
Keeps Open House
All Day Today
Tho Farnam street 13W block will play
Santa Clans to the peoplo of umana
All merchants have linked themselves
together for the day when they will
keep open houso nnd play hosts to nit
who will visit that part of the retail dis
trict. Hundreds of dollars' worth of mer
chandise will be given away and In addi
tion to this many lines of goods will bo
sold far below cost, Just as an Induce
ment to linve tho Omaha public accept
While this 1300 block was once tho real
retail cqnter of Omaha the center
chanced for a time, but with tho con
struction of the AVoodman of tho World
building tho 1S0O block has "como bnck"
and Its llvo merchants are ncnin bidding
for their share of the business of a sreat
and rwl"g- city.
Four Libel Suits
Filed Against Two
Omaha Daily Papers
Libel damage suits against tho World
Herald and tho Daily Nows for JSO.noo
each, wcro started by Ira Planniigan and
Kd Gardlpee, county prisoner feeding
contractors, In district court yesterday.
The suits are based on news storjes
published In the papers to the effect that
prisoners in the county Jail mutinied be
caused the food served them won unfit
to eat. The articles upon whloh the suits
are based, also refer to former complaints
of prisoners regarding Uie quatlty of the
Flannogan and Oardlpee declare the
Btorles false. Deputies In the Jail also as
sert the food gave no cause for com
plaint. Flannagan and Gardlpee each sued the
World-Herald and the News for $10,000,
four suits altogether.
Public Hearings on
the Workmen's Bill
The workmen's compensation and em
ployers' liability commission, before sub
mitting Its draft of a law to the governor,
will hold public, hearings In the council
chamber of the city hall, IJncoln, Mon
day and Tuesday, December 2J and 24,
and In the council chamber of the city
hall, Omaha, Thursday, Krlday and
Saturday, December 26, 77 and SS.
Morning sessions from 10 to 12 o'clock;
afternoon, 1:30 to 5 o'clock; evening, 7:10
to 10 o'clock
The full commission will sit the entire
five days to hear all persons Interested
In the subject, whether for or against
the provisions of the proposed law.
The bill Is now being printed and copies
will be furnished on application to tho
commissioner. Tho draft of tho bill In
cludes the majority and minority report
of the commission.
After these hearings the bill will be
revised, if the arguments presented Jus.
tlfy any changes and will then bo rn
ported to the governor
8TEHDJNO TOILET 8KTS FltENJSER,
MAN ROBBED IN DAYLIGHT
ON FARNAM STREET
Mart Butler of Geneva was relieved of
I'M In cash and his Masonic pin at 9
o'clock yesterday morning while walking
down Farnam street en route to the Bur
lington depot. A youth walked beside
Butler and struck up a conversation, and
after they parted company Sutler discov
ered his loss.
Mrs. I. Kemp, who has a rooming hous
at 610 North Thlrty-slxth street, re
ported to the police that a thief had en
tered the room of R. 13. Stewart, who
boards with her, and taken a valuable
diamond ring and $30 In cash.
Wonderful Sale Silk Petticoats
A USEFUL HOLIDAY GIFT
100 Doz. New Silk Petticoats Secured
at a Great Sacrifice to Manufacturer
Choicest Petticoats of tho aoasen correct styles
mnd up in good grade taffeta, mossaline and
brocade satins soma Jarsey tops, "Klosfit make" novelty flounces, with
silk and cotton dust ruffles. Evening shades and street colors. Divided into
two groat lots for Friday's sale.
All $3.50 & $4
on sale FRIDAY . . . .
For Christmas Gifts
Selections were never better. Every
wanted stylo, every desired shade.
Choose from thousands at from
$1.50 to $25
S J V S I
UNION LABOR CLAUSE IS YOID
Large Number of South Omaha rav
ing Contracts Blocked.
CITY MUST ADVERTISE AGAIN
Strrrt lmprormrnli In Mnuli' City
llnve II rc Held Up I'nidlna
n tlPi-Ulon In the Cnxe
Perpetual Injunction restraining the city
of South Omaha from executing paving
contracts aggregating $300,000 was Issued
by Judgo Howard Kennedy In tho equity
division of tho district court yesterday.
Judgo Kontiedy held void tho union la
bor clause, rhlch was observed In the
letting of" tho contracts. Unloss tho
decision Is nppoaled to tho supreme court
the 8011'th Omaha city council will have
to roadvertlso for bids for tho paving
contracts affected and nwnrd new con
tracts. John 1'. Urecn, attorney for In
terested contractors, said an appeal prob
ably will be taken.
Contracts affected are thoso of tho Na
tlonnl Construction , company, Ororgo
Parks &. Co., Oan Hnnnon and Cougilon
& Co. Tho I'arks-Iefler Construction
company holds snmo small uontrnctH
voided by tho decision, hut their Inter
ests aro email compared with those of
Alonr.o A. Wright, a taxpayer, Is tho
nominal plaintiff In the paving cases, His
attorney Is W. It. Patrick. Wright con
sistently has denied that any Interests
have stood behind him In IiIh prosecution
of tho suit. Ho has Mr. Patrick.
Streot Improvements In .South Omaha
have been suspended ever since the Hiilt
to void tho contracts nwardod with ob-
Beat the yolks of six eggs and a half-pound
of sugar together until it is a froth. Pour in
half a pint of Good Old Guckenhcimer Pure
Rye Whiskey; add the whites of the eggs
beaten to a stiff froth ;"fhen add three pints
of whipped cream.
The charm of this Egg-nog comes from the
distinctive flavor of rich, ripe, delightful
All $4.50 & $5
on sale FRIDAY . . .
Our Greater Corset Section
Offers for your choosing
12 Lines of The World's Most
A stylo to fit evory figure; a price
to fit every purse.
scrvnnco of tho union labor clause wan
begun about a ycur ago. Work on ono
Job had been begun by George Parks &
Co. Tho court will protect this concern
from liny lois mi work already done
when Whlght'B suit was started,
Bulk Sales Law is
Upheld by Supreme
Court of Nebraska
U. a. McClllton of Omaha received word
this morning that tho constitutionality of
the "bulk sales law" hud been upheld by
the atatn supremo ooilrt at Lincoln. At
torney McGllton argued tho matter bo
forn tho court representing tho Omaha
Credit Mon's association.
Tho bulk nalcs law was passed In Ne
braska In HOT when but u few states had
bucIi n law. it provided that a portion
engaged in a mercautllo business might
not bo pot milled to sell out the utock of
goods In n lump without first notifying
all his creditors of this Intention. It wns
designed to protect creditors ngalnst bulk
sales consummated between dnrk anil
daylight, ilh hud nomotlmes been con
summated, with tho icduU that tho mer
chant wow not to be found by hl.i cred
itors tho next day.
The test onso arose out of the Appel
Mercantile company ngalnst linker In the
district court of Lancaster county. An
appeal was taken to tho supremo court
and the constitutionality ot the law wan
attacked, Omaha Jobbers have watched
tho caso with consldcrabln Intorest, as
they wero nil hiixIoilh to see the court
uphold tho law. WJIen It wns passed In
Nebraska In 1D07 only twenty (dates of the
union had such n law. Since that time,
only five years ngo, It Is said practically
FOR FRIDAY ONLY
every state In tho union has pns?ed n,
No bills or paci', except newspapers
and addressed envelopes will bo thrown
Into front of hark yard or on tho porcn
or put In the mall boxes In residential
districts. Tho city rotnnilHulou pnssed
this nmriidement to tho ordinance pro
hibiting uiiHlghtly placards In publla
City Attorney Hlne drew the amend
ment. It was suggested by George Kloff-
nor, superintendent of mall carriers
hero nnd Is modeled on a similar or
dinance which has been declared logal
by snverol courts.
H. Bencher Howell, water commis
sioner, notified tho commission that the
Water board did not feel Inclined to pay
certain Inspection charges which tho old
council did for the old witter company
freo of charge. The council referred tho
communication to tho department of pub
K. W. Kltt was allowed" tM for services
ns boiler luspcatnr during the absences
of Inspector Wolfo. Jlrk Wolfe wns re
quested to also iay Fltt $00.
Tho name of Unucioft streot from
Thirty-eighth to Fortieth was changed to
J, 11, Haynes cutortnlned his four
brothers at luncheon at the University
Sheriff. K. H. Andrews of Buffalo
county Is In the city, arriving yestordw
morning for a brief visit.
1 1. ii
Take a bottle horns
today for your Xmt
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