PREFACE

This book, as its name indicates, is concerned with the every-day financial problems of the private business concern. The point of view taken throughout is that of an organizer or financial manager of an enterprise. While the book deals primarily with business conditions and financial practice in the United States, it includes many references also to the experience and practice of other countries which may yield suggestions of value to American business men.

Many social and economic questions are necessarily touched upon incidentally. These questions, however, in the author’s judgment, belong to a separate field of study; no attempt is made, therefore, to discuss them at any length.

The subject matter of the book falls naturally into five distinct parts :

Part I begins with a brief exposition of the essential principles of all sound financing; it is devoted for the most part to a description of the different forms of financial organization of business enterprises, taking up in turn the individual proprietorship, the firm or partnership, and the corporation.

Part II discusses the various forms of security issues and the manner in which they may be combined and organized as determined by the basis of capitalization of the particular enterprise.

Part III treats of the methods of raising capital through the sale of securities and the usual forms of promotion and underwriting.

Part IV deals with efficient financial management ; how capital funds are invested ; how the amount required for working capital is ascertained; the proper management of capital and income through budgets; and some of the financial standards which should be kept in view.

Part V treats of financial mismanagement and irregularities, and of the processes of reorganization.

This very brief review is enough to make clear the main purposes of the book and the groups of business men to whom it is designed to prove useful.

The first group, whom the author has had constantly in mind, consists of organizers, directors, and executive officers of business concerns of all classes. It is hoped that they will obtain from the book many helpful suggestions which they can put to practical use.

The second group consists of bankers, bond dealers, and other financial men who are continually investigating and criticizing the financial management of enterprises.

There is a third group, composed of engineers, lawyers, accountants, and other professional men, who are frequently called upon to advise as to financial questions, although they are not necessarily well informed on these subjects.

The previous literature on the subject has been so scanty that the book to a considerable extent necessarily breaks fresh ground ; and this must be the author’s excuse if sometimes the treatment of a topic seems to be incomplete. This remark applies with special force to the chapter on “Financial Standards” — a subject to which a great amount of research could profitably be devoted.

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