The old town of Exeter celebrated yesterday her two hundred and fiftieth anniversary. In the procession which was made up of the various societies and fire companies of the town, the students of the Phillips Academy. to the number of 150 men, formed a prominent feature. Literary exercises were held in the Town Hall, the oration being given by ex-Gov. Bell. The speaker in his remarks alluded to the influence of the Academy in helping to build up the town. An immense number of people took dinner in a large tent on the campus. The exercises of the day closed with a promenade concert and with dancing in the gymnasium.