This book with as author Edward Manning Ruttenber was published at Newbury in 1859 with the title History of the town of Newburgh. Available via GoogleBooks.
p. 154:“Among the enterprises in which the citizens of Newburgh have engaged, a company for the prosecution of whale fishery was for several years prominent. The precise date of the organization of this company cannot now be ascertained; but the first entry of stock was made on the 31st December, 1831. On the 24th of January, 1832, the Legislature passed an act incorporating the company, by the terms of which "William Roe, John P. DeWint, Abraham M. Smith, John Harris, Benoni H. Howell, Samuel Williams, Benj. Carpenter, Christopher Reeve and Augustus F. Schofield," and such others as were then or might thereafter be associated with them, were empowered to engage “in the whale fishery in the Atlantic and Pacific oceans, and elsewhere, and in the manufacture of oil and spermaceti candles.” The capital stock was fixed at $ 200,000 in shares of $ 50; but the company was authorized to commence business as soon as $ 50,000 should be subscribed and paid in. The persons named in the act were to be the first directors of the company, and were also to act as commissioners to receive subscriptions to the stock. Directors were to be elected on the first Tuesday in January of each year; the company authorized to purchase and hold real estate to an amount not exceeding twenty-five thousand dollars, and to have and perform all the rights and privileges of an incorporated company, with the only restriction that “no foreigner” should “ever be a stockholder, or in anywise interested in said company.”(1) The company was immediately organized under this act, and William Roc appointed president; Aaron Belknap, secretary, and Abraham M. Smith, agent. The books were opened for subscriptions and $109,000, or 2186 shares, of the capital stock taken. On the 1st of April, the company purchased the ship Portland, for $15,250 - in August, the ship Russell, for $14,500, and in May following, the ship Illinois, for $12,000. During the
p. 155: same year, they also erected a large store-house on Water street, near First street, and a commodious wharf. The ships purchased were fitted out and made two voyages each. The Portland was under command of Capt. Cook; the Russell, under Capt. Brock; and the Illinois, first voyage, Capt. Leonard - second voyage, Capt. Merchant. The business of the company was continued until 1837. In 1834, Charles Ludlow, David W. Bate, John Harris, Edmund Sanxay, Abraham M. Smith, James G. Clinton, Daniel Farrington, David M. DuBois and John Chambers were chosen directors. In the presidency, John D. Lawson succeeded Mr. Roc, in 1833, and Charles Ludlow succeeded Mr. Lawson, in 1834. Uriah Lockwood succeeded Mr. Belknap, and James Belknap, Mr. Lockwood, as secretary. The last voyage made was by the ship Portland, Capt. Cook, which arrived in New York in March, 1837, with 2100 barrels whale oil, 350 barrels sperm oil, and 19,000 pounds of bone. This cargo sold for about $40,000.(2)
The enterprise, however, failed to yield the profit anticipated and was abandoned. Receivers were appointed, the ships and other property sold, and the stockholders paid back their original subscriptions with the addition of a small dividend. The existence of the company ceased in 1840; and in 1846, its books, with the exception of an imperfect day-book, were destroyed by the fire which consumed the store of Daniel Farrington, in which they were deposited.(3)”
Notes
1. Original footnote: “The act encountered considerable opposition in the Assembly, as appears from the debate on the 18th January. Mr. King, in reply to Mr. Myers, said, that "the reason why an act of incorporation was asked for, in this instance, was because the present stock company in Newburgh was unable in any other way, to collect the necessary capital for the prosecution of their business on such a scale as they could wish, or us would be advantageous to the company.”- Telegraph. Jan, 26, 1832.”
2. On p. 331-332 was the loss of the schooner Col. Crockett reported referring to an article in the Newburgh Journal dated 6 March 1841 describing the death of captain Orlando H. Austin and Mr. Wood: “They made several voyages in the ships Portland and Illinois, in the employ of the Newburgh Whaling Company. On their return from the last cruise of these ships, they projected the voyage, the melancholy result of which we have recorded, and which, until the schooner grounded [in May 1840] as the bar of the river on her return…”.
3. Original footnote. “In addition to this company, an act was passed by the Legislature, on the 29th of April, 1833, “to incorporate the North River Whaling Company.” The capital of this company was fixed at $300,000. John Forsyth, Alexander Falls, John Ledyard, James Halstead, Jonathan Hasbrouck, Edmund Sanxay, John W. Knevels, John D. Phillips and William C. Hasbrouck, were named as directors in the act. This company, we have been told, owed its origin to Jonathan Hasbrouck. Beyond incorporation, however, we believe nothing was ever done in its name.”
