In the case of Board of Trade of City of Chicago v. Hammond Elevator Company in 1904, the U.S Supreme Court ruled that a private corporation could not be compelled to admit another company as a member if it did not meet its membership requirements. The Hammond Elevator Company had sued the Board of Trade for refusing them membership and thus denying them access to certain market information. However, Justice Oliver Wendell Holmes Jr., writing for the majority, held that while corporations were subject to public regulation due to their special privileges granted by law, they retained some rights similar to those enjoyed by individuals - including freedom from undue interference or compulsion in their internal affairs. Therefore, despite being an important marketplace with significant influence over grain prices nationwide, the Board was allowed discretion over who could become members.

The dissenting opinion in the Board of Trade of City of Chicago v. Hammond Elevator Company case argued that the majority's decision to uphold a rule by the Chicago Board of Trade, which prohibited members from buying or selling grain for future delivery at any other place during its trading hours, was incorrect. The dissent contended that this rule constituted an unreasonable restraint on trade and violated antitrust laws. It emphasized that such rules should not be allowed as they hinder competition and limit individual freedom to conduct business activities according to one's own judgment and convenience. Furthermore, it pointed out that there were no sufficient justifications provided for these restrictions imposed by the board on its members' trading practices outside their premises during operational hours.