I first heard a version of "Reuben James" sung by Kenny Rogers (of "Ruby, don't Take Your Love to Town" fame) but it made little impression until I heard Pete Seeger's version. I though that perhaps there was a little bit of poetic licence with dates and numbers but basically they are correct (ie 31st October 1941 and 44 were saved, though it appears there were 115 killed and not 100.
See the website http://dspace.dial.pipex.com/white.ensign.models/350reub/350reub.htm

I actually prefer Pete Seeger's version to that of Woody Guthrie, the original writer, though perhaps this is because I heard it first.