In Alton Railroad Co. v. United States et al., the Supreme Court dealt with a dispute over railroad rates for interstate commerce, specifically whether the Interstate Commerce Commission (ICC) had the authority to establish such rates and if these were reasonable or discriminatory. The railroads argued that they should be allowed to set their own prices without government interference, while shippers contended that unchecked price-setting by railroads would lead to unfair practices and monopolies. The court ruled in favor of ICC's power to regulate railroad rates under the Interstate Commerce Act of 1887, stating it was within its jurisdiction as long as it did not infringe upon due process rights of carriers or result in unjust discrimination between localities or commodities involved in interstate commerce.

In the dissenting opinion for Alton Railroad Co. v. United States, it was argued that the Interstate Commerce Commission (ICC) did not have the authority to mandate a reduction in railroad rates without first conducting an extensive investigation into whether such reductions were necessary and justifiable. The dissenters believed that this decision violated due process rights of railroads by potentially forcing them to operate at a loss, which could lead to bankruptcy or other financial hardships. They also questioned if there was substantial evidence supporting ICC's claim that lower rates would stimulate traffic sufficiently enough to offset revenue losses from reduced fares. Furthermore, they expressed concern about potential negative impacts on investors' confidence and capital market stability resulting from arbitrary rate changes imposed by regulatory bodies like ICC without thorough examination of their economic implications.