The Central Transfer Company v. Terminal Railroad Association of St. Louis case in 1932 revolved around the issue of whether a railroad terminal company, which was owned by several railroads and controlled access to a key railway hub, violated antitrust laws by denying access to other railroads not part of its ownership group. The petitioner, Central Transfer Company, argued that it had been unjustly excluded from using the facilities managed by Terminal Railroad Association (TRA) at St. Louis - an important gateway for interstate commerce - thereby creating a monopoly situation contrary to the Sherman Antitrust Act. The Supreme Court ruled in favor of Central Transfer Company stating that TRA's control over all means of entry into St.Louis constituted restraint on trade and created monopolistic conditions violating federal law. This decision led to significant changes in how U.S railways were operated as it mandated equal access for all rail carriers regardless their size or affiliation status with any terminal companies.

In the dissenting opinion for Central Transfer Company v. Terminal Railroad Association of St. Louis, the justice argued that there was no violation of antitrust laws by the Terminal Railroad Association's control over bridges and ferries in St. Louis because it did not result in unreasonable restraint on trade or commerce among states. The justice believed that while this monopoly might have been disadvantageous to some businesses like Central Transfer Company, it was not necessarily illegal under existing law unless it could be proven to unreasonably stifle competition or manipulate market conditions unfairly across state lines. Furthermore, he contended that any remedy should come from Congress rather than judicial intervention since they are better equipped to regulate interstate commerce issues.