>Check if this http://www.tech-recipes.com/rx/2814/ie8_hide_favorites_bar/ may help.

Thanks, I was making reference to "Favorites Bar" which appears in the Favorites menu. But, having read that post, I found how to remove the extra toolbar. So, I have more room now. Then, I removed the "Favorites Bar" from the Favorites menu. Maybe because I have removed the toolbar, maybe it will be removed for good from there as well.