The Ontario Steamboat Company

THE ONTARIO STEAMBOAT COMPANY--SALE OF THE STEAMBOAT PROPERTY--A NEW ORGANIZATION.--the protracted contest in regard to the affairs of the old Lake Ontario and St. Lawrence Steamboat Company, has been finally brought to a close. The Receiver's sale of the property of the line took place at Ogdensburgh on Friday last, and the purchase was made by the old Company principally, which was organized into a new Company. The property disposed of consisted of the steamers New York, Bay State, Ontario, Cataract, Niagara, Northerner, Jenny Lind, Montreal, British Queen and at the engine and machinery of the British Empire which was sunk last season. The Sackett lot property at Oswego, was not included in the sale. The price paid of $73,000.

A new Company was organized, which was the purchaser, composed of the following officers and Directors: E. B. Allen, of Ogdensburgh, President; Samuel Buckley, of Watertown, Vice President; Edward Clark, of Ogdensburgh, Treasurer; Geo. N. Seymour, James G. Averell, James Averell, of Ogdensburgh, A. Chapman, of Morristown, O. V. Brainard of Watertown, H. White, O. T. Burt of Syracuse, A. G. Thayer, of Skeaneateles, Samuel Farwell and John Butterfield, of Utica, Directors.

It will be seen that Oswego has no voice, part or let in the affairs of the new organization, and the stock of the old Company is substantially swallowed up.

The arrangements that have been thus far made for running the boats the present season, are as follows: The steamers New York, Capt. R. F. Child, and the Bay State, Capt. J. H. Ledyard, will constitute an Express Line from Ogdensburgh to Toronto, touching at Cape Vincent. The steamer Ontario, Capt. J. B. Estes, will run from Ogdensburgh to Rochester twice a week, touching at all intermediate points.

A proposition is talked of, but no definite determination has been come to on the subject, to run a side line of four boats, running from Ogdensburgh to Toronto, touching at Cape Vincent, Oswego and Rochester. It this line is put on, Oswego will have some accommodation in the new line, and the connection of the Collingwood line will be thus formed. Otherwise, other boats will have to be secured for that purpose. It seems to us a strange and fatal policy on the part of the new Company to sacrifice everything to the Express line, which has been a losing concern, so far as we can learn, for years past, while the side line has been a source of profit, or could have been with economical management.

But what a sacrifice of property has this sale been, and what a wiping out of interests of stockholders! We should have supposed that those ten boats would have brought at least $150,000. Their cost must have been much more than double that amount. But so we go.