Confusing `stash apply` behavior

Hello Everyone,

I was just trying to do some experimentation with `stash` and I've run into a problem.

I was working on my `master` branch and decided that I wanted to
create a `dev` branch.  I did `git stash` and then `git checkout -b
dev`.  Then I did `git stash apply` and everything worked as expected.
 I continued working but then realized that I wanted a `refactoring`
branch.  In the process of continuing to work I had also cleared the
stash stack with `git stash clear`, although this had no visible
effect other than to remove any entries from `git stash list`.  As
before, I did `git stash` and then `git checkout -b refactoring` and
here lies my problem.

When I do `git stash apply`, it deletes the file I'm working with.

    $ ls
    featureList.txt*  keycontrol.mdb*

    $ git show stash@{0}
    commit b3c0f4b9b3c3ef7741a03fb27174f5838abc939d
    Merge: 9fb9886 112bba9
    Author: Tim Visher <timothy.visher@fms.treas.gov>
    Date:   Tue Mar 10 15:25:04 2009 -0400

    WIP on dev: 9fb9886 Added DB Lock file to .gitignore. EOM

    diff --cc keycontrol.mdb
    index 68a9bac,68a9bac..0000000
    --- a/keycontrol.mdb
    +++ b/keycontrol.mdb

    $ git stash apply
    Removing keycontrol.mdb
    # On branch refactoring
    # Changed but not updated:
    #   (use "git add/rm <file>..." to update what will be committed)
    #   (use "git checkout -- <file>..." to discard changes in working
directory)
    #
    #       deleted:    keycontrol.mdb
    #
    no changes added to commit (use "git add" and/or "git commit -a")

Considering the output of `git show` I would expect that the contents of the stash are, well, what I expect them to be: a new version of keycontrol.mdb.

I'm sure I'm missing something completely juvenile but I could really use some help because that stash represents about an hours worth of work. Not something to totally loose sleep over but something that would be nicer to not have to do over.

Thanks in advance for your help!