Reports from Red Head about 2 o'clock Thursday afternoon conveyed the news of the drowning of Thomas BAIN (cross reference: Thomas BEAN) and William HANLON, two fishermen of that place. The two men, who have been engaged in the lobster fishing business for J.D. TURNER of this city, left Anthony's Cove in their boat, shortly after 1 o'clock Wednesday afternoon to attend their traps. The work ordinarily would take about four hours, but once or twice the men have been so detained as to find it necessary to remain away from home over night. On Wednesday night the men did not return and on Thursday morn., two sons of Mr. Bain were sent from home with a basket of provisions for the men, who its was thought would be found waiting on the shore. The boys walked along the beach and when they arrived at Deep cove found the boat capsized and floating some distnace from the shore. The pieces ofd a broken oar, a whole one, the sail sprit, the rudder and other articles were found on the beach. The sail was seen floating some distance from the shore and appeared to be reefed. This was about 9 o'clock. The boys returned home and told the news to their mother and the neighbors and a party immediately started for the beach and made a search for the bodies, but without success. After watching the boat for some time, it was seen that it was staionary and it is supposed that when it capsized the anchor dropped and is now fast on the bottom with the men caught in the ropes, or in the bottom of the cove. At extreme low tide, the boat was only a few yards from the rocks, but it was impossible to reach it. An effort was made to launch another boat at Anthony's Cove and row to the scene of the accident, but the attempt had to be abandoned and the work of the search was postponed until this morn. when a party will go in a boat to where the bodies are supposed to be caught. The boat itself was a large skiff boat built for salmon fishing. It carried two sails and was able to stand a pretty heavy sea. As seen yesterday, it appeared as if the stern was smashed out and the sides badly broken. This would probably be from pounding on the rocks. Deep Cove is about a mile and a half beyond Anthony's Cove and seven miles from the city on the Red Head or Mispec Road. The wind on Wednesday afternoon was blowing from the southwest and the waves were pretty high. Thomas Bain was well known in this city. He had for years carried on business as a farmer and fisherman. He was about 45 years of age and with his wife and eleven children resided in a neat little farm on the Red Head road and about a mile from the scene of the accident. Of his children, eight are boys. The oldest is a son in his 17th year and the youngest is an infant in arms. Mr. Bain had four sisters living in the city. Wm Hanlon was an unmarried man, 25 years of age. He was a native of Roxbury (Albert Co.) and was very well known in this city. He worked for several of the steamers plying between this port and Boston, but this summer tried fishing for Mr. Turner. He was a brother of Thomas HANLON who works in Hannah's wire mattress factory on the City Road.