American Society of Civil Engineers.

Transactions of the American Society of Civil Engineers (Volume 81) online

. (page 143 of 167)
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should fairly be made for any public utility property, in the light of
its past history, as well as of an intelligent forecast of its probable
future.

It is obvious that such records — when used as a check on, or when
coupled with, an estimate of the accrued depreciation on the existing
property — will reduce substantially the element of uncertainty which
must attend all such computations, based, as they must always be,
on probable future, as well as on past, conditions.

As an example of such records within the water-works field, and of
their applicability, the following table is cited, embodying the results
of a continuous effort to collect such data, during a period of 15 years,
more or less, on the part of Allen Hazen and Leonard Metcalf, Members,
Am. Soc. G. E.

It seems highly probable that, by keeping such records in detail,
there will be developed, in the course of time, sufficient information
to admit of the setting aside of the fair annual depreciation allowance
on a basis of percentage-of-gross-revenue of the operating company, a
method which would have much advantage, on accoimt of its sim-
plicity of accoiuiting, as well as for other reasons.

Inasmuch as this table is submitted for suggestive purposes only,
and not for direct application, it is unnecessary to record here a descrip-
tion of the various plants, or the methods of determining the figures
contained in the record, though it may be added that these figures -have
been taken in large measure from authoritative sources, such as Court,
commission, or agreed, findings.



VALUATION OF PUBLIC UTILITIES



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Online LibraryAmerican Society of Civil EngineersTransactions of the American Society of Civil Engineers (Volume 81) → online text (page 143 of 167)