davidaulloa/AmericanStories huggingface dataset:
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
What Has Become of the
Earnings?

The great crops and the tremendous
industrial and commercial activities have
produced splendid profits. In which both
capital and labor have shared. What
has become OF them? The speculative
exchanges where prosperity usually finds
lis proper reflection fail 10 show the
benefits OF the great yeor that has Just
passed. No new securities worth speak
ing Of have been foated 10 absorb n
good share OF the profits OF the nation.
The old securities " not only failed
To advance. but show n substantial drop
In prices. The bond market. where the
~surpius OF a nation usually seeks In
vestment. was tie. duliest for ytars-so
dull that some ot the leading bond houses
claim not to have made even EXPENSES.
II hardly q small share Of the national
surplus. the national savings. has gone
into Wall Street.-The great security
market Of the couutry-what has become
OF the new wealth? The savings banks
statistics show only a small increase
deposits, due to the money-saytns wage
earners. What other explanation OF the
disappearance OF the new additions To
our wealth can there be except that 1t
has found rcinyeztment in commerce
and industry anJstHrt Il has been put
TO better prodtfbtsve use than stock
speculation may offer? Tie surplus Is
simply working TO create moro and more.
That there Is a good deal in this sx-
plnnation IS corroborated By the fact that
there is no oy~cr-oxtension OF credits.
our business porld has tinanc.erai a
great deal of its increased wants with
its " capital instead OF with borrowed
,T.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
new STOCK EXCHANGE
FOR WALL ST. DISTRICT
Consolidated Board Putting Up
Handsome Structure in Lower
Broad Street.

NEW YORK, January 6,-Wall Streets
financial district is to have a new ex-
change. Foundations have been begun
for q building of imposing design for the
Consolidated Stock and Petroleum I'm
ner Of Broad and Beaver Streets. W
blocks south of the New, York Stock EX-
change. The location at the new. struct-
It marks the beginning of}the expansion Of
the financial district In a. new direction
and will give a decided Impetus to the
%deTelopment OF lower Broad street.
to have been $4,000 which together with
the 100000 for the structure itself. Will
bring the total expenditure up to $l,l0o 900:
lIm ms sn,' on a II base sns Of granite, tor topped &c by
a dome thirty feet In diameter and sur
rounded by. sixteen massive IONIC col
umns. The interior will be protected from
construction. the specifications calling for
the use Of unburnable hollow tile, such
as forms the floors and partitions Of sky
scrnpera and other buildings which must
be absolutely safe from fire.
Five feet above tho Broad Street level
viii be the board room. reached by steps
running the entire 100 feet on that side
trance through thre large doors. The
trading floor Will be ninety-lve by eighty
two feet, giving an area of about 1000
The Beaver Street side will consist OF
four floors which will be devoted to the
for the officers and committees, The
greater part,,of the basement will be used
as q restaurant barber shop. etc. II
IN sne9king Of the new building, ,Presl-
said. THE idea OF putting up and &C,
ctipylnE a structure Of our own has met
with the unanimous approval of the
and Exchange Place for over twenty
years; but the building stands on lease
hold ground and there seems to he every
reason h we, should arrange to own
OF IN property.h
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Auction Sales, Future Days.
BY A. j. Chewing Company.
Real Estate A~uctioneers.
Court Sale of the Three At
tractive Dwellings, Nos.
400, 4o4 and 412 North
Tenth Street.


In execution OF a. decree OF the Rich
mond Chancery Court. entered December
10, 1906, In the suit OF Emma Lee
Vaughan. ETC.. VS.. L. b. Vaughan's EXecu-
trix ct ais, we, as special commissioner
thereby appointed, will sell by auction,
upon the premises. on
Wednesday, Jan. 9th, 1907,
commencing promptly at 4 o'clock p. NJ,
the buildings in order named.
First-That three-story Brick Dwelling.
at the northwest orne OF Marshall and
Tenth Street, known as No. 400 North
Tenth Street.
second-That two-story Brick Dwell
Ing. known as No. 4O4 North Tenth
Street.
Third-That two-story Brick Dwelling
known as No. ALP North Tenth Street.
All Of these houses are in good condi-
ton. being comparatively new. and should
attract tho attention of both investors and
home-seekers. The rnetcs and bounds, to-
gether with O. fuller statement, will be
made known at the time of sale.
TERMS: One-third In cash, balance at
six and twelve months for negotiable
notes, interest added. and title retained
until all of the purchase money Is paid
and q. conveyance ordered by the court.
or all cash. at the option OF the pur-
chaser.
GEORGE BRYAN,
j. JORDAN LEAKE,
Special Commissioners,
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
SON ATTEMPTS TO
MURDER PARENTS
Is Arrested Before He Can Fire
Upon Them with
Shotgun.

/ ASHEYILLE, N. c., January 5,-Bron-
son Baker. aged twenty-five years, who,
was discharged from the United States
Navy n couple OF months ago. and who
since resided with his parents in
this city, was to-day sentenced by Judge
Jones to a term of six months In the
county Jail for a vicious assault upon
his father and mother with q shotgun,
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
UNITED STATES MARsHA11s SALE.

UNITED STATES MARsHA1ls SALE.
EASTERN DISTRICT OF VIRGINIA.
BY virtue OF an order OF sale issued out
of the United States District Court for the
Eastern District OF Virginia. on the cad
day OF December, 1906. notice is hereby
FOR cash. on SATURDAY; the 18th day Of
January, 1907, at l o'clock P. NJ. In front
OF the Custom-House, on Bank Street,
In the City of Richmond. Va, the Dredge
Little Giant" her engines, boilers. ma
chinery.' boats, tackle. apparel, appurta-
nances and furniture. as she now lies ia
M%attaponi River. near Ayietts, Va.
MORGAN TREAT,,aU s. Marshal.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Railroads.
f. CO, 2 sEs5EaGSas

Z. f. CO, r. Rssf5sisgeuso
n, IS r.. n.
TRAINS LEAVE ACKNOWLEDGEMENTS.
~ A. f-Dally-nyrd st. Through.
~, Z NJ -Dally-Main ST. Through.
pmmoIdsm,GIoaRl D~"ys-Islba Ashland Ae-
$40 q; M-Dallg-Ryrd st. through. Loea,
l2.S noop--sweeis Days-Byrd ST. Through.
'V' = M'.VVeek D~ays-Bryd st. Fredericks-
,o pirg Accommodation. Tra
~ M-Daily-Mnin ST Through
'''' =, M;-Wsek Days-Eior. Ashland Ae-
siS r M-Dally-Byrd st. Through.
Af'aIN5 ARRIVE RICHMOND SOUTH.
N c e, mooWsek Days-Eiba. Ashland Ae.
SSHe9 a. M.-Daiiy-Byrd 81. Through.
S'z' a.; M-week D~ays-Byrd ST. Frederiaks-
DnrE. Accofumoda tion.
At'Y' =, Mif-Weok Daye-Eyrd st. Through.
XIX TX Z. M--.paily-Mai st. Through.
eommos Msek Days-Biea. Ashland As
800 2. M-Daiiy-Byrd St. through. Local
$40 +, M-Dnily-Maln street. Through. All
Pullman cars.
ppso y M-paily-Maln ST. Through.
AtS' = M;,.Week pnys. Bird Street through.
nj oh =: !. Pullman Sleeping or pnrlor Cars On
m moa Li.%o a NJ. week days, and local accom-
Time OF arrivals and departures, and eonnec-
,Ions not sunranteed.
w; D. DUKE. C. W. GULF. w. p. TAYLOR.
Nsse' 10 Prest- Gen'i supt. Trar. Msr.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Charged with Beating Woman.

Until IL o'clock last night there had
not heen an arrest made by the officers
of the Second Station, About this hour
officers Barker and Walton walked In
with a prisoner who CAV his name as
Herman Lang. He was charged with
beating n oma named PokeY Brent.
A warrant had been issued for the ar
rest OF Lans.
Down at the First Station the day
and night brought forth five arrests,
Each prisoner was bailed before 10
o'clock, They We're Just common "dis-
orderlies."
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Mr.. Bosher Returns

Mr., lewis Fl. Bosher.. who has rbeen
spending the holidays with his mother,
Mrs, r. s. Bosher. returned to the Uni.
yersity Of virIginia. Saturday evening. Mr..
last session and, Is now studying law.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
No Reason for Gloom.

The old year has left to the new one
n rich inheritaneer--an enormously M
creased wealth, ara to our leading M
d~1lstries orders to keep them goins the
most part of the next twelve H'ohuls,
Thc leading trade paper of the iron anu
s,ae, Industry states that the present
tremendous rate OF consumption Will con-
ttn,e during the first half OF 1907, and
that there are many. acting in the pellet
toat work for full capacity a. present,
or even better prices. is assured toF
the whole OF l~Sa7apai
-rhe output of our mines will be greater,
,rhe copper industry according TO an
indications, will hardly be able 10 catsi1
rp with the demand. OF course. the
Fundamental condition of prosperity IS
agriculture. but there is no sane person
that could claim no" that the heAe S1opa
will not be good.
High Finance is Sore.
In solid business circles no fear regard
Ing the Immediate future Is expressed.
Ever In financial circles which have no
AK to grind, the brlehtest hopes are he''
out. ~
claared he has no reason to doubt the fu-
tnre or fear for an early endlns OF our
prosperity: Professor sumner IN n nat,o oaai
economies declares that our prosperity
Ia built on a substantial basis. Lord
Rothschild, the head of the greatest
view, Ispeaks OF the absence of signs that
the pendulum of Americas prosperity be-
gins to swing backwards. The only reason
of doubt may lie in the fact that we
have always had a NUMBER Q. sEoa
wears. and poor years may be soon due.
But his appearinSiy strong argument
Is met by the consideration that condi-
tons in the world lave, changed, that
being greater, secures a LONGER reign OF
prosperity, and that the great combinn.-
lions of capital form a powerful bulwark
against reaction. Only among few menu
bers of hi1h flnanee gloomy sn views t, are
calamity howlers are JOIN d. Rockefeller
and Stuyvesant Fish. but both AYE rea,
sons to feel sore. The Standard on crows
is heset with lawsuits started by the red
eral government to bring them under the
reign of the law. and to check thelr
ave which they have used as II they
would own the, country. That Mt, Fish.
deney of the Illinois Central Railroad,
wonder. There are people who, believe
that the world could not afford to get
The "Blues" Of Wall Street.
That the professional speculators feel
by the collapse Of artificial booms in
the Hill stocks and In the Nipissing
stock, lost millions and millions, This Is
an experience not conductive to buoyant
feeling, Traders who have made for
tunes nave seen a good part Of their
menta! depression has grown With the
reduction Of their bank accounts. But
they have to stand the Consequences OF.
lief that stocks can 60 In sky-high. But
the undoing of a number OF rich specu-
lators and the collapse of artificial booms
may turn ont for Wall Street q blessing
= number Of stocks is apt to create the
basis Of q healthy specuiation and batter
prices, Tor q bull movement has never
Indifferent people may he to stocks. when
them. ~ wy
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
FOR NEW YORK.

Via N!gtt Line Steamers Except Saturday
making connection IN Norfolk with Main Linz
Ship following day at z P. NJ: also Norfolk
and Western Ry. Mt . A. NJ. and 3 p, NJ, ana
Chesapeake and Ohio Ry. at 9 A. NJ. and 4:o0
p. NJ. making connection daily Except Sun
day) az Norfolk with Main Linz Ships calling
att T. NJ Tickets, sos f. Main Street. Rich,
mond Transfer Co. $40 E. Main Street, Tho
jefferson. Murphy's Hotel.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
s..ssN ..sslF - 81 -YE. \ - --I-.t -
TRUSTEES AUCTION SALE,

In execution OF a deed of trust, dated
December 10th, 1891, of record in CLERKS
Office Chancery Court of Richmond, in
D. B. 144-C, page 45s. default having
been made In the payment OF a portion
of the money therein secured, we will
sell at public auction on
THURSDAY, JANUARY 10TH, 1907,
at 4:30 o'clock n. M, on the premises,
the dwelling No. $40 North Thirty first
Street. Tho lot fronts 20 feet and eX-
tends back 132t feet.
TERMS-CASH. ~
r. II. SUTTON,
N. D. HARGROVE,
II. S. TAYLOR,
Trustees.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
BY j. d. Carneal & Son.
Real Estate Auctioneers.
No. 1106 East Main Street.

COMMISSIONERS AUCTION SALE OF
one acre of ground on the Mechanics
vile Turnpike, near the first dollhouse.
with all the improvements thereon. which
with the usual outhuildings. This prop
erty is we'll located ina beautiful sec
ton OF the county, and Its nearness to
the city makes 1t valuable. 1t Is now
Of a decree of the Chancery Court OF the
city OF Richmond. Virginia, entered on
the 18th OF December, 1906, In the suit
OF Charles w. Wittel, who sues against
John Walter Wittel, defendants, ct ais,
we will sell at public auction on the
premises. on
THURSDAY. JANUARY 10TH, 1907,
at 4 o'clock p. NJ. all that certain lot
OF land in Henrico county. with all the i'm
provements thereon. containing one acre.
and described as follows: Bounded on
the east by the Mechanicsville Turnpike
merly owned by J. v. Austins. on the
west by the Old Meadow Bridge Road,
and on the south by the Mechanicsville
dollhouse lot. on which the dollhouse
stands; iheing the same property con-
Elizabeth A.. Wittel. his wife, by Henry
Brill and wife. by deed bearing date Oc-
tober 18th. 1890. and recorded in the
Clerks Office Of the Henrico County
Court IN .. B, lsa,B. page a54.
Of the purchase price to be paid in cash
and the balance In two equal install
ments. at six and twelve months. respec-
lively, from the day of sale, the pur-
chaser executing his homestead. waving
negotiable notes for said deferred nav.
ments with six per centum interest added
from the day OF sale. and the title to
the said property to DO retained by the
court until all OF the purchase price
shall have been paid, or for all cash, at
the option of the purchaser.
WIN. FLEGENHETMER
HENRY FLEGENHEIIfER.
Special Commissioners
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07

The bond required of tho special com.
mlssioners by the above decree has beer
duly given.
cHAs. o. sAvILI.E. Clerk,
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Chesapeake q, Ohio Rail,
Richmond and Petersburg
Electric Railway

Cars leave corner of Seventh and Perry
Streets. Manchester. every hour Con the hourl
from 8 A. NJ. to 10 P N. Last car u midnight.
Cars leave Petersburg, foot OF Sycamore
Street, every hour from s:35 A. NJ. to io:35 p.
NJ. Last cur, 11:40 p. NJ: Limited car, 7:l5
A. NJ, daily except Sunday.
All ears from Petersburg connecting Rich
mond cars.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
GEORGE BRYAN.
]. JORDAN LEAKE,
Special Commissioners.

The bond required of the special COM
missioners in the above suit has been
duly given.
CHARLES o. sAv1LLE.
.# TIsyf-
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
UNEOUALED YEAR
OF PROSPERITY
FAVORABLE NEWS
DEPRESSES WHEAT
THE STOCK MARKET OF THE WEEK

lFrom the w York Evening Post of Saturday,
nIne following table show the weeks highest lowest nd closing prices tnt-
nmWus safes md net changes OF Ill SECURITIES sold on the New FORK Stock Exchange
NHt Week fsh md low prices are aso given for the fiy year 1900 M for1& 1906:
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Auction Sales-This Day.
High Constable's Sale.

will sell by public auction, on MON
DAY. THE It'll DAY OF JANUARY,
1907, at 3 o'clock p. M, at my ware
room. No. 1906 East Franklin Street. the
following property, to satisfy distress
warrants In my hands and executions.
Bureaus. Wnshstands, Wardrobcs. Hat
Racks. Trunks. Stoves. Carpets, Refrige-
ratorB Zone a large Groccrs' Refrigera-
tor. Alaska make), Mattlngs, etc.
TERMS-CASH.
w. II. WYATT, JR., II. c., C. r.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Steamboats,,
NLD
~ Co.
Night Line for Norfolk.

Leave Richmond every evening foot Ash
Street, ut Z P. NJ, stopping at Newport News
en- route. Fare. $3.50 one way. $3.50 round
trip, including stateroom berth: meals, 50o
each. Street cars to steamers wharf.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Corn Higher.

Corn opened steady yesterday, eased
rs cent, with wheat, but rallied later.
selling at LIS cent over prices OF the early
week. The absence of pressure from the
cash houses and the poor grading coun-
teracted the favorable weather. and the
receipts of ITO care over the expectations,
at SIS cars. Country acceptances we're
moderate. Cash prices ruled steady.
The market is Ia cent under that of last
Saturday. y
Oats opened Is cent lower. sold off Ia
cent, and rallied to about Yesterdays
close. Local receipts were - cars over
the estimate at $50 cars, and the clear,
cold weather overbalanced the better
shipping demand noted the last two days.
The market was but Ia cen. under that
OF. week ago.
Provisions at the close of the last week
opened firm on the 2 IL to 8 cent adj
vance In hogs. but eased later on profit
taking. Hog receipts on Saturday were
1900, with 5000 expected tomorrow, and
$4,000 next week. Cattle receipts were
800, sheep receipts. ZOO both markets
steady.
Receipts-Flcur. 5000 barrels; whea..
1900 bushels: corn, 2s3,OJ bushels; oats,
2s4, 900 bushels; rye, 5000 bushels; barley,
95.cO bushels.
shiprnsptsEFqosfr,2 q, 600 barrels; wheat,
So.O9 bushels; corn, 1900 bushels; oats.
10000 bushels, rye, 1900 bushels; barley,
n,U0 bushels. 34A
Cotton Market.
NEW YORK, January 6.-It was simply
a case OF the splnners OF the world buy
ing cotton with avidity and putting up
prices without the aid Of spectators. Yet
bulls helped after the thing was started
helped after Liverpool had astonished
everybody by Its strength and activity,
especially on the spot, and after the spin
ners. takings for the week had been
shown to be 447,no0 bales, or double those
for the same time last year. In other
words. the demand is still remarkably ac-
tive. and the worlds consumption OF
American cotton, judging from present
appearances. seems more certain than
ever TO eclipse all former records. jan
uary was the strongest month. but March
also showed n good deal of firmness.
Large spot interests were credited with
buying nnd a CLIQUE OF room operators
was supHosedSt to be assisting the rise. It
is true that the receipts of late have been
very large and that the worlds visible
supply OF American cotton is now practi-
cally the same as that of q year ago, but
bulls insist that the big receipts are for
the most part of cotton that has already
been sold. IAverpool's spot sales yester-
day of 10000 bales surprised many. Conf
ment Is. made here now and then on the
fact that those who u for a rise are
ignoring the big receipts. Lancashire and
the Continent seem to Ignore them, too.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07
Sales.--future Days
BY Pollard & Bagby,
Rea! Estate Auctioneers.
TRUSTEES AUCTION SALE

AN UNDIVIDED oNE-HALF INTER-
EST IN HOUSE AND LOT KNOWN
AS NO. oo5 NORTH SEVENTH
STREET.
The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-07

In execution OF a deed of trust. dated
June 9TH, 1905, and recorded In Clerks
Office of Richmond Chanccry Court. p.
h. 1s5-C, page $50, default having been
made In payment OF the debt therein
secured. I will sell by auction, on the
premises, on
THURSDAY, JANUARY 10TH, 1907.
at 1870 o'clock P. NJ. one-half interest
In the above described property.
The Birmingham age-herald., 1907-07-14

offered by the tender of government de- posts.
 An expectation of some such anomaly in the bank statement was a factor in keeping up prices in the dull market. The pending publication of the findings of the interstate commerce commission on the Hartman inquiry, was an infiu- ence The belief was entertained that the contents of the report which might be adverse to the Hartman properties have been so explicitly recognized that their effect has been felt already in the stock market. The Hill stocks were af- fected by talk of maturing plan for the transfer of Northern Pacifics equity in ,ne Burlington to the Great Northern. The close was strong with the gains well held Total sales of bonds, par value, $575 900.
 The pinch in the money market due to the withdrawal of government deposits, although ample warning of it's inevitable approach was given as the cause of the speculative upset of the week in the stock market The position was vulnerable, oW- ing to the needless extension of oper- atons for the advance in face ot the disturbing elements in prospect. The taking of gold for export for France was
  outcome was accepted as a demonstration that the hoped for revival for investment for the distribution of the half yearly profits had failed to materialize. Addi- tionaI evidence to the same effect was the small subscriptions to the Union Pa cific and Atchison convertible bond is- sues.
 The bond market itself continues leth- argic and narrow and confirms the im- pression of other indications of this con- dition Financial comment continues to law large responsibility for the situation upon the public agitation against cor porations. Significant evidence of the per sistencce of this spirit was the filing of the governments petition in the suit against the American tobacco corpora ton which has formulated the new policy of seeking railroads for offending cor poratons. Various steps taken by the New York state authorities against cor porations emphasized the impression.
 United States bonds were dull at sli 1t decline for the week.
The Birmingham age-herald., 1907-07-14
COTTON MARKET IS
 DULL AND-LOWER Better Cables Cause Small Ad-
 vance Early LIQUIDATION DURING DAY
Message From Liverpool About Con- ditions at Alexandria Brings About Confusion Among Brokers,
 Causing IrreeuIarty.

New York, July 1S.-The cotton mar ket opened steady at unchanged prices to an advance of points in response to better cables than due, but eased off to a net decline of 3 to T points on the active months, shortly after the call, under a renewal of pressure froBf the bear clique and liquidation promoted by favorable weather reports, with the ex- ception of heavy rains at Vicksburg, and rather disappointing condition figures. A cable from Liverpool said that financial confidence of Alexandria was gone with the market closed, and expressed a fear that Liverpool would be used to square up extensive forward contracts. This was very confusing to the local trade, and during the middle of the morning trading was quiet, with fluctuations narrow and irregular. The market closed steady with prices net to 25 points lower.
 Receipts at the ports today 226O bales, against 2670 bales last week and 2S16 last year. For the week, 15,o00 bales, against b ,SO2 last week and 25.197 last year. To- days receipts at New Orleans 421, against 1113 last year and at Houston, 396. against TIC last year.
The Birmingham age-herald., 1907-07-14
DULL DAY FUR
 STOCK MARKET Prices Hold Up Well in Spite
 of Statement Fl OSF STP0NG WITH GAIN
CLOSE STRONG WITH GAIN
Cause of Speculative Upset for the Week Was Pinch In the Money Which Was Anticipated,
 But Not Prepared For.

New York, July 13.-The ratification of last weeks discrepancy in the cash item of the bank statement conduced to the favorable showing of the clearing house institutions today and explained the small effect of the weeks withdrawal of gov- ernment deposits from the banks on top of a seeming exhaustion of surplus re- serves. The cash gain reported today by the banks of $4,O0O, GOO, compares with an apparent loss on the known imports of money of upwards of $6,OOO,00O. Last weeks statement contraiwise reported a loss of $5.0000 900 cash. where gain of &,0000O0 had occurred again to the known movements of money. The explanation probably is that corporations transferred deposits from banks to trust companies on a very large scale to the effect that the July statements after which these cash holdings has been transferred back to the banks. The heavy loan contraction
 of $10,SSS. 400 is ascribed partly to stock market liquidation but change in security holdings in connection with the release