2

By Telegraph.

Exclusively for the Daily Argus.

Great Victory of McClellan's army.

RICHMOND PROBABLY IN OUR POSSESSION.

WONDERFUL TELEGRAPHIC FEAT.

Splendid Achievement of Col. Elliott and the Brave Iowa 2d.

The Mobile & Ohio Railroad cut — Rebels Defeated — Large quantities of Stores destroyed — Many Prisoners taken.

Late and Important from Corinth.

COMMUNICATION OPEN TO JAMES RIVER

Proclamation from the Governor of Illinois Calling for more Troops.

Important from Gen. Curtis's Command in Arkansas.

Telegraphed to the Rock Island Daily Argus.

Times Washington Corresponded says Gen. McClellan's dispatch, touching the conflict of Saturday, before Richmond, was made public early this morning, and created immense excitement in the city, and is everywhere the subject of animated discussion, and has given rise to a thousand rumors, each of which has its earnest advocators.

One story is that the gunboats have forced their way to Richmond, and command the city, while our troops are rapidly entering. — Another is that we have possession of the first line of the enemy's works, and are vigorously shelling the city. But at this writing nothing is really known further than the official dispatch.

The general impression is that Richmond has not yet fallen, or not in our possession, but our position is strong and satisfactory, and that our flag will, in a few hours, wave over the doomed city.

WASHINGTON, June 1. — During the whole of the battle of this morning, Prof. Lowe's balloon was overlooking the scene at altitude of 2,000 feet. Telegraphic communication from the balloon to Gen. McClellan and in direct communication with the military wires, was successfully maintained. Mr. Park Spring, of Philadelphia, acted as operator. Every movement of the enemy was obvious and instantly reported.

This is believed to be the first time a balloon reconnaissance has been successfully made during a battle, and certainly the first the telegraph station has been established in the air to report the movements of an enemy and the progress of a battle. The advantage of Gen. McClellan must have been immense.