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EPITOME OF NEWS.

Dr. Russell's Report.

The First Fault.

Another Calamity.

The Last and Fatal Disaster.

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The Last and Fatal Disaster. Wednesday, August 2 (says Dr. Russell), a sad and memorable day in the annals of Atlantic tele- graphy. At 5.35 a.m., ship's time, the paddles re- versed, by orders from the electrician's room. In fact, at eight a.m., Greenwich time, or a minute after, whilst the electricians were passing the first of the half. hourly series of currents to the shore, the galvanometer detected a flow of electricity which indicated a serious fault. The testa gave no result as to locality, for the fault was very varying, but it was generally believed to be not far from the stern of the ship. While Mr. Cyruli Field was on watch in the tank, a little before the time of the accident, a grating noise was audible as the cable flew over the coil. One of the experienced hands immediately said, There is a piece of wire,' and called to the look- out man above to pass the information aft; but no notioe appears to have been taken of the circumstance. After the ship had been stopped for a short time, and the remainder of the fluke in which the fault was sup- posed to have occurred had been paid out, a piece of wire was seen projecting out of the cable in the fluke, and on one of the mela taking it in his fingers, and try. ing to bend it down, the wire broke short off. It was nearly three inches long, and evidently of hard ill- tempered metal, which had flown out through the strands of the cable in the tank. The fault in the cable which had gone overboard might obviously have been caused by such a piece of wire, and there could be no doubt that the wire of the outer covering of the cable was capable of inflicting injury on the gutta- porcha it was intended to proteet. As the fault was too serious to be overlooked, and as there was a diffi- culty in detecting its situation, preparations were made to get the picking-up apparatus ready. The picking- up was as usual exceedingly tedious, and one hour and forty-six minutes elapsed before one mile was got on board; then one of the engine's eccentric gear got out of order, so that a man had to stand by with a hand- spike, aided by a wedge of wood with an elastic band, to aid the wretched engine. Next, the supply of steam failed, and when the steam was got up it was found that there was not water enough in the boilers, and so the picking up ceased altogether for some time, dur- ing which the ship forged ahead, and chafed against the cable. Then occurred the great misfortune. Lunch was just over, some had left the table, others were about leaving. The scientific gentlemen had rather cheered us I by stating that they believed the defective part was only i six miles away, and so ere dead nightfall we might hope to have the fault on board, make a new splice, and proceed on our way to Heart's Content, geographi- cally about 600 miles away. Suddenly Mr. Canning appeared in the saloon, and in a manner which caused every one to start in his seat, said, 'It is all over-it is gone!' and then hastened onwards to his cabin. Mr. Field, ere the thrill of surprise and pain occa- sioned by those words had passed away, came from the companion in the saloon, and said, with composure ad. mirable under the circumstances, though his lips quivered and his cheek was blanched, 'The cable has parted, and has gone overboard.' All were on deck in a moment, and there indeed A glance revealed the truth. It is not possible for any words to pourtraythe dismay with which the sight was witnessed and the news heard. It was enough to move to tears; and when a man came aft with the inner end lashed still to the chain, and one saw the tortured strands, torn wires, the lacerated core, it is no exaggeration to say that a strange feeling of pity, as though for some sentient creature, mutilated and dragged asunder by brutal force, passed through the hearts of the spectators. But of what avail was sentimental abstraction when instant strenuous action was demanded? Alas! action! There around spread the placid Atlantic, smiling on the sun, and not a dimple to show where lay so many hopes buried."

Raising the Lost Cable.

THE BISKS OF INSURANCE.

THE NEWS BUDGET.