Actually, the song isn't a Kingston Trio original; it dates to the late 1940s, and was part of a cost-cutting campaign strategy implemented by cash-strapped, perrenially unsuccessful, wingnut Boston candidate for any open office Walter O'Brien. Going back even further, its roots are to be found in traditional Folk chestnuts
The Wreck of Old 97 and its direct, even older progenitor,
The Ship That Never Returned
And yes, I have the album -
Capitol T/ST-1199
a '59 summer release which charted comfortably throughout the remainder of '59 well into the mid '60s. Several reissues also have sold well, including a couple of remastered CD versions (of which I'm aware, but do not own. Long Live Vinyl!)
BTW - saw 'em do it live when the original McCormick Place was brand spanking new - the Kingston trio was second-billed to headline act The 4 Seasons