The canal boat PRESTON, which sank several weeks ago a mile off this harbor and in fifty feet of water while in tow of the tug SUMMER, was brought up in the late gale, drifted ashore at Four Mile Point and was wrecked. The PRESTON was laden with leached ashes, and the depth at which she lay sunk is known by the fact that some things were recovered from her by grappling. This circumstance is looked upon as upsetting the theory that the action of the water in our great storms does not affect objects lying more than twelve to fifteen feet under the surface. -- Oswego Palladium, Sept. 18.