USA > Indiana > Rush County > Centennial history of Rush County, Indiana, Volume I > Part 23
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HISTORY OF RUSH COUNTY
Wilson. C. W. Burt. Dr. C. W. Smith and R. F. Seudder. Manufacturing-William Frazec. W. A. Allen. A. R. Holden. Z. E. Mauzy and U. D. Cole. Legislation-L. D. Guffin. W. J. Henley. B. L. Smith. J. B. Reeve and J. W. Tompkins. Statisties and Information-J. F. Moses, J. A. Armstrong. R. W. Cox, George C. Wyatt and Dr. 1. W. Spurrier. Commerce-John P. Frazee, E. A. Payne, C. F. Felton, George W. Young and M. R. Hull. Reception and Entertainment-Fon Riggs, C. Cambern, T. W. Betker. Homer Havens, C. A. Manzy. J. E. Watson, Dan Murphy. A. B. Irvin and Dr. J. C. Sexton. Insur- ance and Public Entertainment-Al Denning. A. L. Al- dridge. JJ. A. Titsworth, Dr. D. H. Dean, Will G. McVay, J. B. Schrichte, W. S. Meredith, J. M. Gwinn, N. G. Levi- son. Thomas Sullivan. George Wingerter, J. B. Doll and L. Neutzenhelzer. Advertising-William M. Bliss, Will- iam E. Havens. F. B. Johnson. L. M. Sexton and Gates Sexton. Executive and Finance-E. D. Pugh, W. M. Bliss, O. L. Carr, Edwin Payne and R. A. Innis. Arbi- tration -- L. Link. Edward Young, J. M. Stevens, B. W. Riley and Thomas M. Green. Real Estate-Edwin Payne, F. G. Hackleman. Charles Hugo. David Graham and W. E. Wallace. Transportation-R. A. Innis, S. L. Innis, J. M. Newhouse, Dr. W. N. Megee and Nathan Weeks. At that time among the "brief facts" quoted to advance Rushville's claim to attention it was noted that the city "has a population of over 5,000; Rush county has the finest court house in the state: the price of property of all descriptions is steadily advancing: Rushville owns its own waterworks and electric light plant, has three large grain elevators and two flouring mills, empty busi- tess blocks or residence houses are unknown, three nat- ural. and one artificial. gas companies doing business in the town: the population has nearly doubled since the taking of the last census ; the city has fourteen factories, all mming full time and doing well; more wheat was raised in Rush county during the past year than in any
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other county in the state: more commercial travelers 'make' Rushville than any town of equal size in Indiana ; natural gas is used almost entirely as a fuel and the city is clean and a desirable residence city. The wealth of the county is more evenly distributed here than in any other county in the state; four of the country's leading trunk lines penetrate the city, and give it unequaled railroad facilities; there have been fewer business failures in Rushville during the late depression than in any of her sister cities ; Rush county rivals the Blue Grass section of Kentucky for the number and quality of fine horses raised and shipped, and in Rushville one can enjoy the benefit of the telephone at the nominal cost of 80 cents a month." Certainly some very excellent talking points on which to base the Commercial Club's campaign to "sell the city." The names of the committeemen given above and the talking points they evolved to promote the city's interests abroad will be interesting for historical com- parison in the next generation, even as the names of the members of the Rotary Club and of the Kiwannis Club, carried elsewhere in this work, will make better than mere "newspaper reading" twenty years from now.
BUSINESS DIRECTORY FOR 1921
A survey of the field in the spring of 1921 shows the following list of individuals and firms engaged in profes- sions or business at Rushville :
Abstracts-Anna L. Bohannon, L. C. Lambert, Charles Newkirk, E. B. Thomas.
Agriculture Implements-H. M. Cowing, J. B. Mor- ris, O'Neal Bros., Rushville Implement Company, C. H. Tompkins, E. A. Lee.
Auctioneers-R. S. Compton, Clen Miller.
Automobile Sales, Accessories, Repairs, Etc .- R. E. Abernathy, G. C. Alexander, W. E. Bowen, Bussard Gar- age, J. C. Caldwell, Owen L. Carr & Son, Joseph Clark, J. C. Ellman Company, Ford Hospital, Howell Bros.,
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HISTORY OF RUSH COUNTY
S. L. Hunt, J. A. Knecht, O. W. Montgomery, J. B. Mor- ris, Mullins & Taylor. O'Neal Bros., Sorden-Jones Sales Company. G. Urbach. A. G. Haydon.
Bakers-Wallie Weakley. A. W. Wilkinson.
Banks-Farmers Trust Company, Rush County Na- tional Bank, Peoples Loan and Trust Company, Peoples National Bank, Rushville National Bank.
Barbers-Allen Daniels, Richard Floyd, Frank Gip- son, Charles Moore, Norman Norris, Charles H. Pettis, Wright & Suess, Dale Jackson.
Bicycles-S. J. Finney, Ellman & Son.
Billiards-O. O. Felts. E. H. Greely, Scott Hosier, T. E. McAllister. Aug Roth. Denny Ryan.
Blacksmiths-Geraghty & Kelly, Henry O'Neal, Ed Kelly. James Mullins.
Building Material-Pinnell-Tompkins Lumber Company. J. P. Frazee & Son. Capitol Lumber Company.
Building and Loan Association-Building Associa- tion No. 10. Prudential Building and Loan Association.
Candy-Caron Candy Shop, Katsaros Bros.
Chiropractors-William H. Monks. McKee & Mc- kee.
Cigar Manufacturers-Ray Benning, George Win- gerter.
Cleaning. Pressing and Dyeing-F. G. Bender, Knecht's O. P. C. H .. Sanitary Dry Cleaners, Twentieth Century Cleaners and Pressers, Johnson Jones, Ed Tyner.
Clothing-J. L. Cowing. Son & Company, Knecht's O. P. C. H., Harry MeCauley, William G. Mulno, Frank Wilson & Company, Sanitary Dry Cleaners.
Coal-J. P. Frazee & Son, William Trennepohl, Jr., Winkler Grain Company. Dan Matlook, T. H. Reed & Son.
Contractors-Beale Bros., M. Bennett, Edward Crosby, Delta Hinchman, F. B. Johnson, G. P. McCarty & Company, O. W. Price, Alonzo Sexton, Walter Wain-
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HISTORY OF RUSH COUNTY
wright, Joe Lakin, Morris Winship, E. L. Kennedy & Son, William Woliung, Will Keck, Harry Ferather.
Corn Turner (Manufacturers) - Hoosier Corn Turners.
Creameries-White River Creamery Company ; cream buyers, Schlosser Bros .; cream test, Donald Webb; dairies, James Dugan, Dodson, O'Reilly and Green Bros.
Dentists-Carl F. Beher, P. H. Chadwick, C. S. Green, F. R. McClannahan, H. H. Pearsey, Frank Smith, F. M. Sparks.
Drugs-Hargrove & Mullin, F. B. Johnson, Thomas W. Lytle, Pitman & Wilson.
Dry Goods-Callaghan Company, E. R. Casady, Guffin Dry Goods Company, J. W. Hogsett, Mauzy Com- pany, Wiltsee Company.
Electricians and Supplies-S. J. Finney, P. J. Mil- ler, James Foley.
Factory Trucks (manufacturers) - Charles E. Francis Company.
Farm Gates (manufacturers)-National Manufac- turing Company.
Five and Ten Cent Stores-Wiltse Company.
Florists-Glenn Moore, Pansy Green House.
Foundries-Arbuckle & Company, Dill Foundry Company.
Fruits and Produce-M. J. Mascari, John R. Thomp- son, Adam's Produce Company.
Furnaces-Beale Bros., James Foley, O'Neal Bros., Rushville Implement Company, E. A. Lee.
Furniture (manufacturers) -- Innis-Pearce Com- pany, Rushville Furniture Company, Park Furniture Company ; dealers, F. A. Caldwell, George C. Wyatt & Company.
Gas-Central Fuel Gas Company, Peoples Natural Gas Company, Rushville Natural Gas Company, Con- sumers Supply Co.
Gloves (manufacturers)-Rushville Glove Company.
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Glue Room Equipment (manufacturers)-Charles E. Francis Company.
Grain, Flour and Feed-Ball & Orme, W. G. Newlin, T. H. Reed & Son (elevator). Rush County Mill, Winkler Grain Company.
Grocers-L. L. Allen. Ezra Hinkle, O. C. Brann, C. C. Brown, D. P. Childs, W. E. Clarkson & Son, Herschel Gregory, M. E. Hankins, B. F. Hasher, James Voil, J. Kelly, Jr., Thomas W. Lytle, Jesse McDaniel, Carl O'Neal. Edward T. O'Neal, John W. Ryan, Claud Smith, Walter Wainwright, Donald Webb, Lee Wicker, Havens & Son, Varley Grocery Store.
Gun and Locksmiths-S. J. Finney.
Hair Dressers-Hazel Innis Harmon, Roy Evans; hair goods, Ida Dixon.
Hardware-J. P. Frazee & Son, A. G. Haydon, S. L. Hunt, J. B. Morris, Pinnell, Tompkins Lumber Com- pany.
Harness-H. M. Cowing, C. H. Tompkins.
Hides and Wool-O'Neal Bros., Hyman Schatz.
Hotels-Cottage Hotel, Colonial Hotel, Grand Hotel, Scanlan Hotel, Windsor Hotel.
Investments-American Security Company, R. L. Dollings Company.
Jewelers-Abercrombie Bros., Kennard Jewelry Store, W. B. Poe & Son.
Laundries-Rushville Laundry Company.
Lawyers-See chapter on Bench and Bar.
Machine Shops- Arbuckle & Company, Madden Bros.
Meat Markets-Davis & Lyons, H. A. Kramer Pack- ing House, Weeks Fresh Meat and Produce Company, Luther Sharp.
Men's Furnishings-William G. Mulno, Shuster & Epstein, Frank Wilson & Company, J. L. Cowing, Son & Company, Knecht's O. P. C. H.
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Millinery-Belle Cosand, Ida Dixon, Mary Neutzen- helzer, Harriet Plough, Agnes Winston.
Monuments-Schrichte Monumental Works.
Newspapers (and printing)-Rushville American, the Daily News, the Daily Republican. See chapter on the Press.
Oculists-F. G. Hackleman.
Optometrists-J. Kennard Allen, Jesse Poe.
Oils-Go-Gas Filling Station, Standard Oil Com- pany, Western Oil Refining Company.
Osteopaths-J. B. Kinsinger.
Photographers-Hugo Jamison, Euphemia Lewis, F. A. Wallace.
Physicians and Surgeons-See chapter on the Medi- cal Profession.
Pianos-A. P. Wagner, John A. Spurrier, Frederick Boxley.
Plumbers-Beale Bros., James Foley, Joseph H. Lakin, O. W. Price, Alonzo Sexton.
Produce-Adams Produce Company, Mascari Bros., John R. Thompson.
Real Estate-H. W. Cole, W. P. Elder, John Gant- ner, Jesse Guire, William Inlow, L. C. Lambert.
Restaurants-City Restaurant, Lillie Gipson, J. P. Madden, Miller & Buschmohl, City Hall Restaurant.
Rugs (manufacturers)-Luther Raymond.
Second Hand Stores-Michael Scanlan.
Shoes-V. C. Bodine, H. S. Havens, T. E. McAllister, J. F. McIntyre & Co., and the department stores; shoe repairs, Frank Comella, N. P. Fletcher.
Soft Drinks-E. H. Greely, Miller & Buschmohl, Albert Pea, Aug Roth, Denny Ryan.
Sporting Goods-A. G. Haydon, S. L. Hunt, J. B. Morris, R. H. Jones & Co., Wiltse.
Spark Plugs (manufacturers)-Three-in-One Spark Plug Manufacturing Company.
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HISTORY OF RUSH COUNTY
Tailors-Frank Bender, E. M. Osborne, Johnson Jones, Edward Tyner.
Telegraph and Telephone-Western Union Tele- graph Company, Rushville Co-operative Telephone Company. Bell Telephone Company.
Theaters-Mystic, Princess.
Undertakers-F. A. Caldwell, George C. Wyatt & Co.
Variety Stores-R. H. Jones & Co., Wiltse Com- pany.
Vulcanizing-Ira Greenwood, Howell Bros., George Urbach.
Wood Working Machinery (manufacturers)- Charles E. Francis Company.
CHAPTER XI
BANKS AND BANKING
Happily the present generation does not have to endure the confusing conditions faced by the pioneers of Rush county with respect to their current medium of exchange. When Indiana was admitted to the Union in 1816 the Second United States Bank had just been char- tered to succeed the First United States Bank whose charter had expired in 1811 and monetary conditions were in a state of well nigh hopeless confusion. "Wildcat" banks had sprung up everywhere, offering a medium of local exchange, and the man who accepted the money thus issued was lucky if his money retained its value over night. As Logan Esarey, Ph. D., instructor in Western history in Indiana University, in his "History of In- diana" (1915) says: "A 'wildcat' bank was a very simple affair. In order to start a bank, the banker had only to have a supply of notes engraved and then open his bank in some convenient place. These banks, as a rule, received no deposits. They were open one day in the week or preferably two half days. The banker used every means to get his notes in circulation, frequently selling or loaning them at half their face value. If business pros- pered he would remain and redeem his notes; if not he packed his grip with the remaining notes and sought a more favorable field. Banks like this were established in territorial times at Brookville, Lexington and New Har- mony." The confusion arising out of such a situation may be better imagined than described. As a matter of fact, the pioneers much preferred to carry on their simple commercial transactions in terms of coon skins, beeswax and the like, barter being the common form of exchange rather than currency. In order to bring something like
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a state of order out of this seemingly inextricable confu- sion the territorial assembly, sitting at Corydon in 1814 granted charters to two banking institutions, the Farmers and Mechanics Bank at Madison and the Bank of Vin- cennes, the first with an authorized capital of $750,000 and the latter with the same capitalization, later raised to $1,500,000. It was with the Bank of Madison that this particular region was more immediately interested, for at first the notes of the Bank of Madison were received at the land office at Brookville in payment for land, and thus a comparatively stable medium of exchange had been created by the time the lands in this section were opened for sale. In order to create a stabilized local currency it is pointed out by the historian above quoted that this bank "proceeded to make itself useful at once by redeem- ing the shin-plasters issued by the local merchants. It was the custom of the merchants to keep on hand a large amount of paper money, printed by themselves, in denom- inations of 61/4, 121/6, 25 and 50 cents. There being no coin in circulation, the storekeepers handed this out in change. This the bank redeemed in the currency of the Commonwealth Bank of Kentucky, when presented in amounts of $1 or more." It is further stated that the Madison Bank held the enviable reputation of having furnished land office money to the settlers in exchange for other money not receivable at the land office without any cost to the settlers, the receiver at the land office keeping his money on deposit with the bank. But when the Second United States Bank began its war on all private banks and refused to have any dealings with banks in Tennessee, Indiana or Illinois, practically every bank in the states named "went broke." However, the Madison Bank was able to pay all its obligations, grad- ually retired its currency and was honorably closed. Not so well did the Vineennes Bank fare. The state constitu- tion had confirmed its charter and it was adopted as a State Bank with branches, fourteen in all, the parent
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HISTORY OF RUSH COUNTY
bank to be at Vincennes. But what is a bank without money ? As there was no money in the country-or com- paratively very little-it was discovered that this ambi- tious project was impracticable and but three of the pro- posed branches finally were opened-at Brookville, Vevay and Corydon. Unhappily, before these banks got fairly going they were caught in the "hard times" of 1818 and 1819 and ruined. The parent bank presently went the same way, failing with more than $165,000 of United States money on deposit, a loss later made good by the stockholders and its charter was annulled in 1822. It thus will be seen that at the time Rush county was organized money as a medium of exchange hereabout was mighty scarce, little United States Bank currency being in circulation out here, and the "wildcat" stuff that was in circulation being an exceedingly uncertain quantity.
These bank failures were one of the real causes of such hard times in Indiana during that period. There was very little coin in the country at that time, the silver, with the exception of a small amount of subsidiary coin, being of foreign coinage. The old style "bits" (121% cent pieces) and what was termed by the Hoosiers "fo'-pence" (61/4 cents), were made up of Spanish dollars, principally coming up out of Mexico, these dollars being cut into quarters and sometimes into eighths when the transaction called for 121/2 cents, or even into six- teenths. Some who wanted to get the best of the bargain would cut the dollar into five pieces, thus making 25 cents on each dollar cut up. This became so common that in some places the county commissioners provided a die the dimension of a quarter of these Spanish dollars and when cut money was used in paying taxes the "quarters" were required to fit into these dies or else rejected. Some storekeepers resorted to the same expedient to avoid being "short-changed." On paying the blacksmith, if the account amounted to a quarter and the customer had a dollar to be "changed" in making payment, the black-
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smith would lay the dollar on the anvil and with his cold chisel would cut a quarter wedge out of the piece of silver. In payment of a bill of 121/2 cents, one-half of this quar- tering wedge would be taken and for 614 cents another division, or one-sixteenth of the dollar would be taken. To the present generation this form of monetary juggling is scarcely comprehensible. The Indian wampum string would have been preferable, it would seem, and it is not a matter of wonder that coon skins and beeswax formed the more common medium of exchange.
ORGANIZATION OF INDIANA'S SECOND BANK
This was the situation up to the year 1834 when a new State Bank was chartered. The agitation for a new state bank began after the election of 1832, one of the issues of which was the rechartering of the Second Bank of the United States, whose charter would expire in 1836. When it was seen that the bank would not be rechartered, a movement was started to charter another state bank in Indiana and arrangements were made to that end. Since the failure of the Madison and Vincennes banks there was no branch of the United States Bank in Indiana, Federal currency circulating hereabout through the branches at Cincinnati and Louisville. The movement to revive the state bank was resisted in certain quarters on the ground that the failure of the First State Bank (at Vincennes) had so thoroughly disrupted the credit not only of the state but of its citizens that it would be unwise to subject the people to the possibility of such another failure, and when a bill for the creation of a state bank was introduced in the legislature in the session of 1832 there was such violent dissent that the measure was postponed until the succeeding session. Meanwhile a "campaign of educa- tion" was undertaken, the necessity of a bank was urged upon the people and early in the next session of the assembly a charter was granted to the Bank of the State of Indiana. This bank was to be located in Indianapolis,
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the state to be divided into districts and the directors empowered to establish branch banks in these districts. Though the head office was to be at the state capital there was to be no "parent" bank, all branches being on an equality. The new bank was capitalized at $1,600,000 but in 1836 this was raised to $2,500,000, each branch to have an equal part in the capital. This bank proved its strength in the memorable panic of 1837 during which all the Eastern banks, including the old Bank of the United States. suspended specie payment and is said to have been the only bank west of the Alleghanies that did not fail during that crisis. Despite this record the state consti- tutional convention of 1850-51 voted against an extension of the charter of the Bank of the State of Indiana and the legislature in the session following the proclamation of the new constitution enacted the free banking law. The fallacy of this system was disclosed during the money panic of 1854 and when the assembly met in January, 1855, Governor Wright demanded a law for the restora- tion of a sound currency. The legislature passed a bill for the creation of a new state bank to be known as the Bank of the State of Indiana. The minority protested against the measure, pointing out phases of the law which they declared to be unsound and the governor vetoed the bill, but the senate passed it over his veto and thus the third state bank was established: There was considerable scandal connected with the establishment of this bank, but as Doctor Esarey notes in his review of conditions at the time, "the new Bank of the State of Indiana gathered itself together after the storm and began to do a careful, conservative banking business. The people soon came to look upon the whole winter campaign as a war among highwaymen, in which, for the moment, the lobbyists had got the upper hand of the old bank men." The bank con- tinued until the national bank law of 1863 (amended in 1866) put a stop to such experiments in banking, and no further changes were made in the banking laws until the
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law of 1874 creating the present system of state banks to supplement the national banks. Under the operation of the national bank law the days of the Bank of the State of Indiana were numbered and under an act of the legis- lature in 1865 the affairs of the bank were closed, nearly all of its branches becoming national banks. Among these was the Rushville branch of the Bank of the State of Indiana, which had been organized on March 9, 1857, with a capital of $100.000. and which, on February 22, 1865, was nationalized, taking the name of the Rushville National Bank. George C. Clark. president, and William C. McReynolds, cashier. Mr. Clark remained president of the bank until his death in the fall of 1900. Singularly enough, even though the Rushville branch of the Bank of the State of Indiana was the first bank established in Rushville, search of the files of the local newspapers of that date fails to reveal any mention of what must have been a matter of large local importance, the columns of both the Jacksonian and the Republican in their issues following March 9, 1857, being silent on the subject ; but newspapers were not much on local news in those days, their editors apparently taking more satisfaction in "roasting" each other than in giving the people the news of the day. The newspapers, however, during that long period of unstable and variable currency valnes were taking no chances on the face value of such currency as might come to their hands. In 1855 the Rushville Republican was carrying under its "masthead" the fol- lowing annoncement: "We will take the notes of the Bank of Connersville, at 10 per cent. discount, on new and old subscribers, and on all debts due the Republican office up to the Ist of February. It is only worth from 70 to 75 cents on the dollar." The imcertainty concerning the probable value (or lack of it ) of the bank notes in cir- enlation prior to the creation of the national banking system necessitated the carrying of standing advertise- ments in the newspapers, the same appearing in the Rush-
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ville papers during the early days of the Civil war under the heading "Bank Note List," corrected weekly by Col. W. C. McReynolds, cashier of the Branch Bank of Rush- ville, together with the rates of gold and Eastern exchange. A sample advertisement of this sort published in July, 1862, carried the warning that "banks of all Southern states excepting Kentucky, Delaware and Mary- land are at heavy discount; better refuse them." Some of the notes quoted carried as heavy a discount as 55 per cent. Gold on that date was at 2 to 3 per cent. premium and Eastern exchange buying at 1/s to 1/4 discount ; selling at 14 premium. In this connection it is interesting to note that there has been preserved in the office of the clerk of the Rush Circuit Court an old dust-covered and musty volume, "Hodges' American Bank Note Safe-Guard," published in New York in 1865, a work of more than 300 pages giving descriptions of upward of 10,000 bank notes, embracing every genuine note issued in the United States and Canada-"revised and corrected, and arranged geographically and alphabetically; the most effectual detector of spurious, altered and counterfeit bills now published," and claiming on its title page to be "the only work of the kind extant." In this list are descriptions of bank notes of eighteen Indiana banks, including banks at Paoli, Corydon, Salem, New Albany, Madison, Frank- lin, Columbus, Rockville, Terre Haute and some in the northern part of the state. This "detector" devotes a little "box" to each bank note, these boxes being divided into three panels each, these panels carrying in type the description of the bank note thus identified ; for example, the box relating to the bank note issue of the bank at Corydon has in the left-hand panel the word "One" at top and bottom, with the figure "1" in the center, denot- ing denomination of the note. In the central panel it is set out that in the genuine note of this bank there should appear the picture of a man and woman picking grapes, with "Bank of Corydon-One Dollar-Corydon, Ind."
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engraved thereon and on the right-hand panel the figure 1 engraved over the portrait of a female. The preface to the "Safe-Guard" says "it is of interest and impor- tance to every individual of every age, condition or sex. who handles a dollar of the miscellaneous and precarious currency of our country. The paper money of the United States is of such infinite variety of design that the artful and accomplished counterfeiter can sport upon and defy the perception of the great majority of our people. . . . . A new counterfeit or spurious bank note is prepared by a rogue who, with his numerous accomplices and confed- erates, distribute and circulate their issue simultaneously in different and distant localities," hence the "Safe- Guard" as a detector.
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