The ..Snip thing that I was seeing, is a new feature in eudora, active by default (mistake!) called the "content concentrator". 

It seems a bit ill conceived, as it concentrated the content right out of many messages. Also, it's not obvious that it's your mail client doing this. 
It didn't happen right away when I switched programs, but that was because I didn't get any emails that it felt like concentrating for me.

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