United States v. New River Collieries Co. - 262 U.S. 341 (1923)
U.S. Supreme Court
United States v. New River Collieries Co., 262 U.S. 341 (1923)
United States v. New River Collieries Company
Argued March 7, 8, 1923
Decided May 21, 1923
262 U.S. 341
1. Under § 10 of the Lever Act and the Fifth Amendment, the owner of property requisitioned by the United States is entitled to the full money equivalent of the property taken, and the ascertainment of this just compensation is a judicial function. P. 262 U. S. 343.
2. Where private property is taken for public use and there is a market price prevailing at the time and place of the taking, that price is just compensation. P. 262 U. S. 344.
3. Evidence of the cost of production and of what would be a reasonable profit, to the owner is inadmissible when market prices, prevailing at the time and place of the taking have been established beyond controversy. P. 262 U. S. 344.
4. Evidence of prices of coal for future delivery current at the time and place of taking has no weight against market prices then and there current for immediate delivery, nor any tendency to prove what they were. P. 262 U. S. 344.
5. An owner of coal who, at the time and place of its taking by the government, could clearly have sold it for a higher export market price, and had the right to do so, is not justly compensated by payment of a lower domestic market price current there at the same time. P. 262 U. S. 345.
276 F. 690 affirmed.
Error to a judgment of the circuit court of appeals which affirmed a judgment for the Collieries Company in the district court in an action to recover a balance due as compensation for coal requisitioned by the United States.