4- from that, of the large company and, because the problems differ, different solutions are called for. In some ways the smaller company has many advantages over its larger counterpart, for it can slake its financial thirst at smaller pools of capital. It can tailormake the financial product that it offers for purchase, while the large company must offer the more classic types of securities designed for sale to the general public and the large institutional investors. The larger company must operate in a goldfish bowl while the smaller company, free from any large measure of public interest or scrutiny, can depart radically from the traditional approaches. A good company, however small, can find financing if it will seek it intelligently and reward it appropriately. Consider, if you will, the company with which I am associated as a case in point. In the last 10 years we have raised new capital for our parent company, its subsidiaries and affiliates, amounting to $111,000,000, some 13 times our net worth at the beginning of the period. In addition we have rasied another $59,000,000 in the form of mortgages for rental housing companies in which we have an interest. Well over half of this amount was raised without any responsibility, direct or indirect, by the parent company, and with refundings excluded, over half of these funds have been retired and are no longer in use. None of it was raised by selling stock in the parent company. Every investor or lender participating with us has profited. Ten years ago our stock, which trades infrequently in the over-the-counter market, sold at a discount from its book value. It has gone up 1300% in price and now sells at 3 times its book value. In securing these funds we have