"I had worked part time selling securities and life insurance."

If securities being sold were held for longer than 12 months, the tax rate on the gains is only 5 to 15 percent.

"We had no need to sell securities for the cash position."

A short position results when a firm sells securities it does not own.

"It will take more rate concessions to get these securities sold."

The bank also reported $325 million in gains from selling securities.

With so much cash available, companies that earlier might not have come to market are easily selling securities.

Many taxpayers sold securities then to avoid the higher rate.

It is sometimes easier to sell securities when there are no operations.

He was selling securities for six years before starting the first mutual fund.