Oliver Wendell Holmes, Jr.

Summary

Oliver Wendell Holmes, Jr. San Diego Land Town Company v. Jasper…

Of course it is hard to answer the proposition that value expressed in money depends on what people think at the time. That determines what they will give for the thing, and, whether they think rightly or wrongly, if they or some of them will give a certain price for it, that is its value then. Nevertheless, it has been held, under some circumstances, even in ordinary suits, that when events have corrected the prophecy of the public the facts may be shown and a more correct valuation adopted.
Source: Wikisource

Oliver Wendell Holmes, Jr. San Diego Land Town Company v. Jasper…

If there were no force in any of the arguments for the appellees which we have passed by, the result of this mode of estimate might be that the appellant did not get 6 per cent on the total value of its plant. But here, again, we have to distinguish between Constitution and statute. If a plant is built, as probably this was, for a larger area than it finds itself able to supply, or, apart from that, if it does not, as yet, have the customers contemplated, neither justice nor the Constitution requires that, say, two thirds of the contemplated number should pay a full return.
Source: Wikisource

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