13 - with one having strategic position, the other ample capital, and the combination to the advantage of each. Recognize if you will that the morals to be drawn from this story are - - that the method of financing a company will change as its quality increases and as the risks are reduced, that funds in sizable amounts can be obtained on a satisfactory basis without relying on the conventional approach if one uses a little imagination, a knowledge of the appropriate capital sources and a sense of financial architecture that will make the design pleasing to all parties. Those who take the greatest risks of loss expect the greatest reward. With this audience we need not dwell for long on the ordinary types of securities used in financing: promissory notes, bonds and debentures, convertible bonds, preferred stocks, convertible preferreds, warrants and stock options, common stocks, all subject to infinite variations and combinations. These basic forms of securities are well known to you and can, like a ready-made suit, be taken from the rack and worn if it happens to fit. However, sometimes a better fit can be obtained with a little alteration or by tailor-making one to the exact specifications called for. The alteration or the tailoring may be well worth the additional trouble or added cost. Because they are not always included in books of finance, I would like to mention briefly certain other forms of financing that have advantages worth considering. First, leasing in lieu of borrowing. Today, companies with good credit can lease almost any type of real or personal property ranging from office machinery to entire manufacturing plants. This device