Oliver Newberry was born on November 17, 1789 in Windsor, Connecticut, United States. He was the son of Amasa and Ruth (Warner) Newberry. His father, a soldier of the Revolution, moved to Oneida County, New York in 1805. John Stoughton Newberry was his nephew.
In 1808 Oliver left for the Ohio country, where he worked until the opening of the War of 1812.
Enlisting in the army, he marched to Sacketts Harbor. At the close of the war he opened a store in Buffalo and was later joined by his brother Walter.
A visit to Detroit so impressed him with the prospects there that he sold the Buffalo store and in 1826 moved to Detroit. Here he opened a store that carried everything from oxbows to hairpins. He soon became agent for the American Fur Company and entered the commission and forwarding business, took government contracts, and began to build sailing vessels at Newport, Michigan (now Marine City). He was one of the first to foresee the future of Chicago and opened a branch office there. This office dealt in salt meats, which were shipped to Detroit, and helped to build up the large business of Newberry's ever-growing fleet of ships. By 1832 he was the owner of eight vessels.
In Detroit his interests were many and varied. He was a large holder of real estate; he bought and sold everything; his warehouse was the largest on the lakes. He was the "ready money man" of the city, one of the stockholders in the Detroit & St. Joseph Railroad, and a director in the company.
In 1859 Newberry made his last complete inspection of his branch offices and shipping interests.
The panics of 1837 and 1857 had reduced his wealth, but at the time of his death he was a man of comparatively large means. He left few records of his activities, for he handled his papers carelessly, depositing those needed for each day's business in his hat.
Newberry built the steamship Michigan, then the largest on the Great Lakes, and later he established regular steamship service between Detroit and Chicago. This service aided him in taking care of his ever increasing shipping business. It is said his boats carried the first bituminous coal sent to Chicago by water. He built the first lightship at the Strait of Mackinac and was instrumental in opening the Chicago River to large ships by dredging.
Newberry is often credited with coining the term "wild cat" money, and his adventures in stopping cutthroat competition between the Milwaukee banks and the Bank of Michigan show his ability to meet situations quickly.
Newberry was never married.
