In the Cotting v. Kansas City Stock Yards Company case of 1901, the U.S. Supreme Court ruled in favor of Kansas City Stock Yards Company and against George L. Cotting, a stockholder who challenged a law passed by the State of Kansas regulating rates charged by public utilities including railroads and stockyards. The state had established maximum charges for services provided by such companies to prevent them from exploiting their monopoly power over consumers. Cotting argued that this legislation violated his constitutional rights as it deprived him property without due process and denied him equal protection under the laws since not all businesses were subject to rate regulation. The court rejected these arguments stating that states have inherent police powers to regulate private property used for public purposes when necessary to protect public welfare, health or safety - even if it results in reduced profits for business owners like Mr.Cotting himself. This decision affirmed states' authority to regulate industries serving a public interest within their borders while also reinforcing principles of corporate responsibility towards society at large.

In the dissenting opinion for Cotting v. Kansas City Stock Yards Company and The State of Kansas, Justice Harlan argued that the majority's decision violated principles of federalism by allowing a state to regulate private businesses in ways that could potentially harm interstate commerce. He believed that while states have some power to regulate local affairs, they should not be allowed to interfere with businesses like stockyards which are involved in interstate trade. Furthermore, he contended that it was unconstitutional for a state law to arbitrarily set rates for services provided by such companies without giving them an opportunity to challenge those rates as unreasonable or discriminatory. This view reflects his belief in limited government intervention and protection of property rights under the Fourteenth Amendment’s Due Process Clause.