7 - impractical. For the types of companies with which we are concerned today, public financing becomes desirable when the company has achieved stature that reduces these costs to reasonable levels or when a broader market for the company's securities is considered desirable either for future financing or for paving the way for large stockholders to liquidate their holdings for estate tax purposes or otherwise. An exception would be companies in an industry that for the moment is in such high favor that the public clamors for the securities, regardless of their merit. Uranium stocks were once in this category, and electronic companies are very glamorous at the moment. A second decision that must be reached is whether to sell the securities of your company or to sell securities of new companies in which your company will hold a stock interest. Here again the decision will probably be dictated by your particular objectives. Utah Construction Company has followed the latter course and now owns an equity interest in a large number of subsidiary and affiliated companies for which it has arranged the financing. We have done this basically for two reasons. First, in many cases the subsidiaries and affiliated companies have been able to obtain funds without involving the credit of the parent company whose risk was thereby limited to its equity investment. Second, in private financing it's often easier and more advantageous to convince the investor of the merits of a specific proposal than to sell him a minority position in your diversified parent activities. You can pick the investor, offer him a proposal in a field in which you have strong reason to believe he will be interested, give him a voice in the