Elder Mfg. Co. v. United States

LITTLETON, Judge.

Plaintiff states the principal issue in this case as being “whether the definition of ‘market’ as the ‘current bid price’ set out in the regulations [art. 1584] is applicable under the facts and circumstances of this case so as to require that plaintiff’s inventory be valued according to quoted prices,” and contends (1) that the definition of market as the current bid price is applicable only under ordinary circumstances and not when market conditions are stagnant and quoted prices are nominal and such trading as occurs is in quantities greatly less than the volume usually…