Couldn't find anything in the one little Burl Ives songbook I have. Went to Alta Vista and searched for 'Saxby Gale'. Not much there and no songs mentioned. But there was the following:

Saxby was a lieutenant in the British Navy and an amateur astronomer. He predicted a great storm would strike on October 5, 1868, but he could not say exactly where. Few in New Brunswick took his statement seriously and hence little precaution was taken. Winds struck with great force on the day predicted. In St. John virtually every wharf, house, and factory was damaged or destroyed, plus vast losses and damages to ships near or in port. Shipbuilding, farming, fishing, and forest industries were devastated. Even so far inland as Fredricton and Stanley, damage to forests and buildings was great.

I'd be interested, as well, if anyone knows more about this.

karen k