The new Northwest. [volume] (Portland, Or.) 1871-1887, 1879-05-01
LETTER FROM NEW YORK.

yea, the closing week Of the lion and
lamb-like month was fraught with
heavy vets and boisterous winds, and
many discomfits and much dissatisfac-
tion prevailed even to the end. April
showers are now in order, while the
budding beauties Of the flowery kingdom
uplift their heads to the bright sunshine
and drink in the vivifying dew that
droppeth on the earth beneath, and so
forth, as it might be. The week just
closed lowing, probably, to the dull and
deceitful weather. was not provocative
of extraordinary returns at the theaters,
nor did it bring untold happiness to the
wearily-waiting, watchful eyes of the
eustodiahs of our surplus revenue.
The subscriptions to the four per cent.
loan on Wednesday amounted to over
eight millions, and yesterday another
large subscription was received, amount
ing to over five millions. This large in
crease over the average of the subserip-
tions received during the past few weeks
has naturally excited considerable COM
ment, especially as to the locality from
whence the subscription came. On in
quiry at the sub-treasury yesterday as
to the recent subscribers, l learned that
Of the eight millions subscribed on
Wednesday, one-half came from bank
in this city, which has all along been
the heaviest purchaser OF these bonds,
and the remainder came from other
banks also in this city which have been
investing largely in fours. Yesterday a
subscription Of two millions and half
came from a bank here, and another
million dollar subscription from Boston
bank. There were small subscriptions
received from all parts of the country,
but the bulk came as usual from New
York. These facts seem to show that
the heavy subscriptions from the banks
were not made for speculative purposes,
but were to meet genuine demand for
bonds. For the profits arising from the
commission paid on large subscriptions
were very much lessened by the neces-
siiy Of buying from the Government at
par and selling at from one-half to one
quarter per cent. below par. The true
explanation Of these extraordinary sub
scriptions may be found in the general
lack Of safe investments for capital.
During the past two or three weeks the
anticipated demand for money to meet
the April settlements has produced a
security in the money market and has
increased the rates for money from three
to seven per cent. Iu consequence cap
ital has been diverted from investment
in the four per cents. Since the Secre-
tary Of the Treasury has given notice
that he will anticipate the redemption
Of the bulk Of go bonds maturing in
April, and will receive them in paym
Of any subscriptions to the four per
cent. loan, the money market has been
much easier aud the apprehended diff
Guilty in making the April settlements
considerably lesseued. The money
market thus relieved, capital naturally
seeks again investment in the four per
cent. A prominent treasury official said
yesterday that, in his opinion, the four
per cent. bonds would soon advance to a
premium Of one per cent.
Business seems to multiply on the
hands Of the Presbytery Of Brooklyn,
which at first commenced operations on
one minister, but now has in addition
six contumacious church members to
deal with. The committee which form
ulated the charges against DIR. Talmage
presented a formidable list Of witnesses
to prove the accusations. The "true in
wardDess" of how this committee was
deluded into believing that these gentle
men knew anything against Talmage,
is as yet an unwritten bit of history.
The six witnesses having been twice
cited, and having twice refused to have
anything TO do with the trial, they are,
by a rule of the Book Of Discipline, ex-
communicated until they repent. In
stead Of being sorry, they read the Pres
bytery alecture for its folly in going into
the Talmage trial at all, and this fills
the prosecutors exceedingly full of in
dIgnatlon. Among the spectators on
Wednesday | noticed Henry Ward
Beecher, who enjoyed the fun that per-
vaded great portion Of the proceedings
on that day. The laughter was most
unseemly, and arose at times out of the
gravest motions. a proposition to sing
a hymn while waiting for witness
created merriment, which was redoubled
when "Blest be the tie that bindsr was
named, probably from the feeling that
it would be ridiculous for the members
Of the Presbytery to assume an appear
anee even Of fellowship.
The unloading of the Uuited states
ship supply" aud the merchant ship
"Trimountain, which brought returned
goods from the Paris Exposition, was,
owing to the system adopted in ship.
ping aud to the facilities given by the
eustom-bouse authorities at New York,
completed with very little delay and ex-
Pense. Each exhibitor having been re-
quired to file an invoice Of his goods be-
fore they left the United States aud re-
turn invoice when they were shipped
from Paris, the confusion and loss which
attended the return Of the goods from
the Paris Exposition of 1867 and from the
Vienna Exposition Of 1878 were entirely
avoided. a large part Of the goods were
taken from the wharf in Brooklyn by