In the United States v. Whitridge case of 1904, the Supreme Court ruled on a dispute regarding railroad stock ownership and voting rights. Thomas W. Evans had left his shares in the Baltimore & Ohio Railroad Company to John C. Davis as trustee, who later transferred them to Francis M. Jencks under an agreement that he would vote for directors nominated by certain shareholders including Robert Garrett and Talcott Williams (represented by Frederick W Whitridge). However, when Jencks died, his executors refused to transfer these shares back to Davis or allow him control over their votes at company meetings. The court held that while a shareholder has general power over their own shares - including selling them or dictating how they should be voted - this power is not absolute if it infringes upon other shareholders' rights or is used for improper purposes such as defrauding creditors or manipulating elections within the corporation. Therefore, since there was no evidence of any fraudulent intent behind Jenck's original agreement with Garrett and Williams nor any harm done towards other shareholders due to this arrangement; it was deemed valid under law despite objections from his executors after death.

In the dissenting opinion for United States v. Whitridge, it was argued that the majority's decision to uphold a lower court ruling in favor of Whitridge contradicted previous Supreme Court decisions regarding stockholder rights and responsibilities. The dissenting justices believed that as a major shareholder and director of the railroad company, Whitridge should be held responsible for his role in causing financial harm to other shareholders through fraudulent actions. They contended that he knowingly participated in deceptive practices which led to significant losses for minority shareholders while benefiting himself financially. Therefore, they disagreed with the majority's interpretation of liability laws related to corporate fraud and manipulation, arguing instead for stricter enforcement against those who abuse their positions within corporations at others' expense.