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A novel type of picosecond light source is the traveling-wave dye laser. It consists of a generator and an amplifier cell, both pumped by single pulses. Using the fast switching dye No. 5 with a fluorescence quantum efficiency of , one obtains an energy conversion of the pump to the IR pulse of up to 10 percent. The spectral width of the IR pulses is 15 cm-1over the tunability range of m. At 1.33 μm we observe Gaussian shaped pulses of 4.4 ps duration for pump pulses of 4.5 ps generated by a mode-locked Nd:glass laser. The output pulses show a high stability with a jitter of less than 0.2 ps.