He was an American businessman and philanthropist, whose will provided for the creation of the Newberry Library in Chicago, Illinois.

Newberry received an appointment to the United States Military Academy, but had to decline for health reasons.

Newberry joined a syndicate that included William Astor and Lewis Cass, investing in real estate in what would become Chicago, Milwaukee, and Green Bay; he moved to Chicago in 1833 and continued to prosper in banking and real estate.

Soon after his arrival in Detroit, he secured government contracts to furnish all supplies to the numerous forts and Indian trading-posts in the northwest.

Afterward, he constructed other vessels during successive years until he became one of the largest owners of shipping on the lakes.