The Shipmasters' Ball was held last evening according to the programme. To say that it was equal in brilliancy and happy arrangement and gratifying to those present, is but to repeat what has justly been said of all the preceding balls of the Shipmasters' Association of this city. If any thing it exceeded in all respects all precedents. The Hall was, as on former occasions, appropriately, tastefully and beautifully decorated with the American, British and French colors, numerous miniature vessels, nautical instruments, pictures, mirrors &c., all judiciously displayed in proper position. Among the decorations that attracted special attention was a splendid ship at sea under full canvass with appropriate surrounding devices, and the title of the Association, its motto, and date of its organization, painted on glass of large proportions, and beautifully framed. It was the production of the artistic skill of Messrs. Arden & Wentworth, and presented by them to the Association. It is a very beautiful thing and does credit to its painters. The music by Peck and Stone's Quadrille Band, was exquisitely fine, and commanded the admiration of the whole company. The refreshments were served by Mr. Cardner in his usual bountiful and skillful manner and to the satisfaction of his guests.
Dancing commenced about half past eight. The assemblage was a very large and brilliant one, composed, as usual of the beauty and sterling manhood of the city. A large portion of the leading business and substantial men of the city, old and young were present, mingling in the "giddy mazes of the dance," with bright eyed maidens and the more staid matrons.- Among those present we also noticed our former fellow citizen, Capt. Stewart, of the Syracuse House: Mr. Somers of the Syracuse Standard, Chief of Police Davis, Policeman Putman, Harry Allen, Esq., and Capt. Jo. Tasker, of Syracuse all of whom seemed in joyous spirits and "at home" under the hospitable care of the Committee of Arrangements and other friends. The scene throughout was one of peculiar gaiety, beauty and pleasure, and was a marked rebuke to "hard times' it was emphatically a "good time" and a "gay time" as the Shipmasters invariably have when their Annual Ball recurs. The festivities and dancing were protracted in a very spirited manner and without cessation till the small hours of the morning began themselves to form cotilion numbers and duplicate partners, when the Fifth Annual Ball of the Shipmasters' of Oswego was brought to a close, having passed off pleasingly and satisfactorily to all who participated in it, and to the credit of its Managers Committee of Arrangements, and the Association.