Daily Arizona silver belt., 1908-09-16

NniS uttilnt.
 The stock market, usually governed
 by well-balanced reasoning, has allowed
 itself to become hypnotized by name.
 All that is necessary in these strange
 days to send stock soaring point after
 point is to mention, either as a rumor
 or a fact, that Mir. Hartman is inter- ested in it. Even the dry bones of the
 Erie have been vitalized merely by con turing up new trunk lines from the P;i
 cife to the Atlantic Any stock that by hook or by crook can be associated with this bright particular star of the railroad Armament is certain to rise and keep on rising, according to the nonsense now talked in the financial district. The market is well dubbed ''llarriman affair."
 The gymnastie exhibitions of Shelters are not conducive to that stock s stand. ing Bankers fight shy of an industrial common issue that lacks stability, that is liable to drop half dozen points in as many hours, for such stuff forms dangerous collateral. If the Guggen- helms are responsible for the behavior of their pet stock, the sooner they al, low it 10 settle down and act decorously the better for it's and their reputations
 -reputations, it may be added. that have not been improved by the current year $ events. The much.disc6ssed list of stockholders should not be accepted at its face value; in this case things are not what they seem. says New York financial writer The American Smelling Refining company is not so fathcrless and friendless as the rec erds would suggest. ]. F. Morgan has never sought 10 deny that he purchased 100000 shares of the stock at par nor does the mere fact that the name Rock. efeller does not appear on the books necessarily mean that Standard oil in terests do not own share.
 'The market has become rather too hysterical in recent days for comfort. When two such stocks as Southern Rail
 ny common and Erie common become leaders it is nearly time 10 sit up and take notice. Besides there has appar entity been heavy distribution in some of the Hartman stocks. '-C Chandler Bros X Co.
 The circuit court of appeals fulfilled Wall street 's expectations by declaring the commodity clause unconstitutional This decision, of course is not final. an appeal to the supreme court having al ready been arranged. Yet ii is full of deep significance. Viewed in con junction with other developments of like nature. it suggests that the era of ultrapaternalism, as the stock mar ket is pleased to call governmental ac tivitis of this kind, has passed, that the public and the politicians alike are tired of harassing corporations. that the federal administration and the states suspect that they went too far in seeking to appease popular clamor. Furthermore, the stand taken by the 'ourt of appeals demonstrates afresh hat the judiciary can still be depended lpon to perform its functions without Fear of the consequences. The invio- ability of property had come to be ioubted in the feverish days of last autumn when almost every state in the Union sought to go one better in pass ng confiscatory legislation. The stock market was so sure that the decision would be favorable that Reading moved ID only two points when the announce. nent came and other coalers acted sim larly.-New York Journal of Com nprce