Case studies of two colleges of very different financial status are contrasted to illustrate principles of leadership during both good economic times and difficult times. Visits and interviews at four prospering colleges and four colleges under financial stress were conducted to determine the financial state of each college and the role of leadership in its subjective construction. The goal was to discover what Erickson (1986) refers to as "concrete universals," arrived at by studying a specific case in great detail and then comparing it with other cases studied in equally great detail; and these universals were embodied in the two pseudonymous institutions, Arcadia College (financially sound) and Industrial College (in financial decline) that are the subjects of this paper. The first person account of visits to the two colleges are organized around the following leadership aspects: complexity in role--delimiting considerations; self (the college president) in role; defining and attending to financial stress; communicating about finances; thinking about stability and growth; and speculating about the future. The observations and emerging propositions of this paper are organized in terms of: the creation of financial realities; the creation of financial stress; the reduction of financial stress; the merging of complexity and commitment; and communication and learning. Among conclusions are that the faculty may feel financial stress regardless of a college's objective financial state, and that leaders may moderate this stress by crafting their communication, including their non-verbal communicative acts, with care. The study also notes that a college's financial resources are part of the college's culture. Includes 42 references. (DB)