3 - 3. Absolute management control of these companies is something which the owners highly price and yield only with great reluctance. 4. Again, in contrast to the larger companies, the past record of earnings for the smaller expanding company may not be indicative of the level of future earnings which can be attained with additional capital with which to work. Percentagewise the impace of new capital for the smaller company can have a profound effect, far greater than in the case of the larger company. 5. In most instances companies of the type that we are talking about have a very restricted dividend policy and often choose to retain earnings in the company, either for purposes of further expansion or because the controlling stockholders prefer not to receive dividend income for tax reasons. 6. Like the large and successful company, these companies are expanding and often expanding at a rate which makes outside financing an absolute necessity. However, for a multitude of reasons these companies cannot obtain financing in the same manner or for the same cost enjoyed by the larger company. This is perfectly proper when the reasons for it are understood, but the failure to recognize this factor causes a sort of universal inferiority complex among the treasurers of the smaller companies - - a mental attitude that is not particularly eased by invitations to address distinguished gatherings on such subjects as "Handling Present Financial Needs of the Pretty Good Company". There is no need for this feeling of inferiority if the corporate financial officer will recognize that his problem of financing differs