The daily morning journal and courier., 1905-07-06

-s1 1,O00,OOO More Gold Ordered-Japs
 Borrow s15o,OOO0OO More-The Crops Profit Taking-GOOd Increase in R.
 R. Earnings.
 Yesterdays market was very strong at first, but later on heavy selling caused declines. and this was the case also in wheat and cotton,
 The decline which occurred late in the afternoon, was regarded as an over due reaction.
 The morning bouyancy represented an overflow of bullish enthusiasm from Mondays remarkable market, which was taken advantage of by the western contingent and the local pools to push prices up rapidly. On the advance stocks freely supplied by the profess sionals, the kffeet of which was seen in the late reaction.
 There were good reports of railway traffic statements for the last week in June. The Denver and Rio Grande re- ported an increase of $51,SOO; Buffalo, Rochester and Pittsburg, $35,4O0; Col orado and Southern, s45,600; Minneap- oils and St. Louis, $15,50O and Canadian Pacific, $1S,O0O.
 The most important monthly return was that of the Pennsylvania for May. The Eastern lines increased $1,4OO,0O0 gross and S39O,7O0 net. The disparity between gross and net increasss re- fleets in a measure continued liberal ex- penditures for improvements.
 Call rates ranged yesterday 1-203 per csnt.. with the ruling rate S-4 per cent. Time money was quoted at 3Q3 l-2 per cent. for sixty to ninety days, and 1908 3-4 per cent. for five and six months. Commercial paper was quoted at S-4@4 1-2 per cent. for prime single names and bills receivable; oth- CT naces, 1-2@5 per cent. Exchanges, $330,536,2 ,206. Balances, $23,S4S, ,05S. '''
 A canvass of leading commission houses brought the response that there was very little publis buying to-day, ! but that most of the absorption of stock was dueto professional operations.
 The weekly crop report told the want of sunshine in almost every direc- tion. Notwithstanding this corn has made good progress over the greater part of the belt and the same applies to spring wheat, although the plant in the lowlands is infected with rust and needs clear and warmer weather for improvement. Winter wheat has been damaged somewhat in shock be- cause of the rain.
 The movement in Tennessee Coal of 4 1-2 points was credited to the Reid Moore party, who are interested in it on account of the Rock Island interest in the Birmingham district.
 Chesapeake and Ohio is about mid way between its high and low points for the year. 45 1-2 and 60 1-S, respect lively. Some of the traders look for higher prices for 1t.
 Formal. announcement the new $150,OGG,00O loan for the Japanese gov -2nnrnalit was expected, hence it need have had no effsct. The renewal of gold exports had the most effect. Late yesterday afternoon $1,000,O00 more was ordered for Paris. .4
 Traders were surprised by the ah- sorptive powers exhibited by the mar ket. which was called upon to take an enormous volume of stock at the start 
 ing LID of to-day's operations. They said the market acted surprisingly we'll,
 The heavy buying yesterday by one firm and of St. Paul by another amounting to 15,O0O or 10000 shares of each issue-was popularly ascribed to interests which are back of the rise, and which, accordingly, were running up these issues for the purpose of mak- ing a market for other stocks-possibly the Steel group.
 In the traction group the eature was the profit taking, which was carried on with the aid of higher prices in other quarters of the market.
 Readings phenominal rise continued without a break during the morning, when it sold at 106, with sharp de- cline in the afternoon. From 105 to 106 the stock acted as though it was cor nered. The pool insists that they can advance it to 120 before any reaction of consequence occurs.
 MORE ABOUT THE NEW LOAN OF
 THE LAPS.
 New York, July 5.-Semi-official de- tails concerning the latest Japanese loan of $150,o0O,000 were made public to- day.
 The bonds will bear interest at 1-2