The times. (Owosso, Mich.) 1882-1897, 1883-08-24


70 the speaker uesK, Iacts wnlcn w0uid
aid In more Intelligent action in passing
upon the laws of the land.
GENERAL DRUMS SCHEME.
Some very absurd speculation is current
respecting Adjutant General Drums pur-
pose In asking the Adjutant Generals of
the several States for full information
about their militia of their States. They
were asked specifically to say how long It
would take to put their State quotas of a
total OF 200, 600 armed men In the field.
General Drum, when asked about this, said
that the information was not for use in his
annual report. This remark Is the basis for
a great deal of nonsensical guesswork,
which credits General Drum with prepare
tions, for q war with Germany, for war
with Mexico, or for putting down the great
country. There Is reason to believe that
General Drum simply desires the informa-
ton for special report to congress on the
subject. 1t Is well known that General
Drum takes a very decided interest In the
militia. He thinks there should be Nat
ional Militia at least 2O0, 600 strong, uni
formed and equipped by the United States
exactly as Federal troops are uniformed
and equipped. There should be artillery and
cavalry in the quota which each State
would be expected to furnish. The United
States should furnish armories where they
were needed, and every other thing which
the State did not promise or which the
militiamen could not obtain at slight eX-
pense. The militia ought to be regarded as
the reserve of the regular army. 1t ought
could be modified within torty-eight hours.
General Drum thinks every State ought to
be ready to send at moment notice such
a body Of troops as Pennsylvania sent here
at Garfield's Inauguration within thirty-six
hours Of the time when the order to march
4. ysNEk IL.
IL could not ask better troops. would
not hesitate to lead them against veterans"
Massachusetts, and New York have similar
regiments. General Drum thinks every
State should have them. He is doing what
he can to bring this about. He encourages
his aid. The regular army could then. be
kept small. The Nation could depend on
its IN ilitia. 1t could we'll afford to spend
$4,000, 600 or SIC, 00O, 600 year in preparing
such an army, and million or two year
in keeping 1t up. Congress will be asked
TEN. But General Drum has no thoughts Of
war this side of a remote future.
ALARM on WALL STREET.
Speculative circles were in wild confusion
and excitement on Wall street, New York,
Monday. Great collapses in the stock mar
ket occurred, and at times the symptoms
bordered upon panic. There was very
general outpour of stocks for both accounts,
both In wholesale slaughter OF expiring
margins by brokers and heavy sales by the
bears, who sold everything from right to
left. The decline was even greater than
that of Saturday, and the whirlpool swal-
lowed everything on the list--stocks good,
bad, and indifferent. AS the brokers look
ed over the tape and watched the declining
figures, alarm was exhibited on many faces,
and fears OF an utter collapse and panic
were expressed by many. To add to the
confusion and excitement of the day, seve-
raj circuits of stock indicators were report
ed out of order, and many brokers were de-
prived of full reports of the quotations.
Then many of the private telegraph wires
were either cut or useless, especially those
connecting the city with Saratoga, where
William III. Vanderbilt and other big finan-
ciers and operators are stopping. Wall
street was crowded by curious and anx-
ious thrOng, drawn by the excited stock
market. Among them were judges of the
supreme and other city courts, officials of
the city departments, prominent politi-
clans, and others. At Philadelphia and
Boston the operations were simply reflex
of the stampede in New York. The mar
ket closed at rally from the lowest figures,
but 1t was highly feverish and showed no
signs of health. There were no failures
during the day.
The disturbed condition of the stock mar
ket continued in Wall street Tuesday, and
during the hours OF business sharp declines
in many securities were noted. The trans
actions were unusually large, competent
authority placing the stock which changed
ownership at O,000 shares. At noon the
failure of George William Ballou & Co. was
announced in the exchange, causing much
excitement and further drop in values.
1t is thought that Ballou's financial distress
Is not deep-rooted, that he will resume in q
few days, and that his liabilities will APP
proximate S70O,0O0 Toward the close a
firlner feeling became manifest, and prices
left off. in great majority of stocks, at an
advance over Mondays closing figures.
American railroad shares in London fell In
sympathy with the chaotic condition of af-
fairs in Wall street, and panicky feeling
prevailed on the Stock Exchange there.
Prominent financiers in New York see no
reason for the violent fluctuations of the
past few days, and predict q speedy return
TO the usual routine of business.