I wonder if this photo was by J.S. Johnston? Here is a pic from his archive:

The first Columbia was designed and built in 1871 by Joseph B.Van Duesen of Williamsburgh, NY and Chester, PA, and was the first Cup defender to concede a win to a challenger, Livonia. It needed help from the Sappho because it became too damaged to compete. After winning the first two races, the Columbia gave the British their first win (there were four races in the America's Cup) because although it was damaged it agreed to race and lost. It became more damaged in that race and couldn't compete in the final race. Sappho substituted and won, keeping the Cup in the Americans' hands.
According to Americascup.com:
"The racing career of Columbia ended in 1908. It was dismasted and then altered as a houseboat and moored at Brooklyn harbour on the East River, facing Manhattan. Three years later, an enthusiastic yachtsman took it to Baltimore where it was partially rebuilt and fitted with a new rig. For eight years, its homeport was Newport News, Virginia, and it sailed as a cruiser. In 1920, Columbia was bought by a fisherman and was declared as lost in 1923."
"Columbia Owner: Franklin Osgood. Yacht manager: Henry Steers. Skipper: Andrew J. Comstock (two first races) then Horatio Nelson "Nelse" Comstock (beaten by Livonia in the third race). Afterguard: Captain Roland F. Coffin, Edward Fox, Ernest Staples, J. Lester Wallack."