Knitting: vintage stitch

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I found this stitch in a vintage knitting leaflet. It’s mainly PURL. The pattern was a whole sweater made of it! Gah! To be fair, though, the sweater was flat, so some rows were knit. I did some tweaking to make it work in the round and after a few days (hand cramps slowed me down, down, down), I have a hat!

Does anyone know of any modern name for this stitch? It looks similar to smocking, but there isn’t any wrapping. You basically slip stitches for 3 rows, then after working 3 additional rows, you make a knit at the center of the slipped stitches and then pass the loose loops over. It’s super easy!

yarn: Madelinetosh Tosh DK in ‘candlewick’

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