The Armour Engineer, Vol. 1

Excerpt from The Armour Engineer, Vol. 1: The Semi-Annual Technical Publication of the Student Body of Armour Institute of Technology; January, 1909

Minimum service values are allowed for the various units which from point of age, might make the value of the unit equivalent to junk only, though it would be in useful operation. For instance, electric meters, which are subject to state or municipal inspection, or both, and have to be kept in a certain state of repair at all times, are allowed a minimum service value of 80 per cent of the reproduction cost; whereas, with a steam engine that has been in service a number of years but which may be in a good state of repair though not having the same efficiency as a more modern engine. Or sufficiently good to be put in a newly built plant, only 25 per cent of its re production value is allowed.

There is a great diversity of opinion among engineers as to the approximate correctness of the above method of arriving at present value.

Some engineers claim that each unit should be gone over, first obtaining its reproduction value, and then depreciating it in proportion to the cost of making the unit practically new.

Other engineers think that in addition to the above, a further amount should be deducted for depreciation in propor tion to the change in the art.

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