Here is the answer...

Per Albannach's wise suggestion, I hunted through ActiveState's bug tracker. In a nutshell, the answer is to put a "\n" before "hello", like so: "\nhello"; Apparently, the command.com drops the first line of the output to STDOUT. See bug tracker report. This is not a Perl bug, but a command.com bug.

$PM = "Perl Monk's";
$MCF = "Most Clueless Friar Abbot Bishop";
$nysus = $PM . $MCF;
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