Railroad Finance

By Frederick A. Cleveland; Fred Wilbur Powell | Go to book overview

CHAPTER VIII
FINANCIAL CONSIDERATIONS IN MAINTENANCE AND ADDITIONS AND BETTERMENTS

Problems of Management. -- The three primary problems of management are maintenance, or the protection of capital resources from the effects of waste and of wear and tear; operation, or the use of the organization and capital resources so as to return to the corporation the largest profit consistent with its purposes; and distribution of surplus, or the appropriation of the net profits of operation in a manner which will best conserve the interests of all parties concerned, whether to increase capital resources or to make a return to the shareholders in the form of dividends.


MAINTENANCE

Elements of Maintenance. -- The principal subjects of administrative responsibility pertaining to maintenance, or the protection of the corporate estate, are displayed as separate items in the form of balance sheet set forth in the preceding chapter. These subjects are: "road and equipment"; "securities of other corporations," whether proprietary, controlled, or affiliated; "investments in properties and enterprises not directly concerned with transportation," and "capitalized funds." From the viewpoint of finance, maintenance has to do with expending or setting aside out of earnings or income, amounts adequate for up-keep, i.e., sufficient to preserve the integrity of the invested capital or funded estate. From the viewpoint of management, maintenance has to do with determining what amounts should be provided for each variety of property or capitalized fund representing the

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