The modern boat builder has more options for making water tight joints than "Carter has pills" (for those of you who remember Carter's little liver pills
)
Around here the first plank boats were cypress and when you put it in the water, the wood swelled up and stopped the leaks. A 12" wide cypress plank will expand 1/4 " going from dry to wet. The drawback to this is that the boat had to stay in the water or you had to wait for it to "take up" if you let it dry out. My Dad had an old cypress bateau built that way and I know of a couple of old putt putts still around that were built like that.
The first glue that I know of was Weldwood. It is a tan powder that you mix with water. I don't know how long it's been around but my Dad used it for his "new" bateau in the early 50s, I used for my first boat in the early 70s and friend Keith and I have used it as have many old builders. So it's safe to say it's been around for over 50 years, used for thousands of boats and it's still a good glue. However the label says for interior use only, so it's not truly water resistant. It's also somewhat brittle and isn't a real good gap filler. It's not very forgiving if you can't make tight seams.
Technology marches on and today there's resorcinals (sp?), aliphatics (titebond III, e.g.), polyurethanes, caulk type glues (3M 5200), epoxy and bunches more that I probaly don't know about. All have their pros and cons. In addition to weldwood, we've used titebond III, urethane, 5200 and epoxy. I personally like epoxy, you can mix small batches, it has a decent open (working) time and, with the addition of wood flour, you can make it any viscosity you want.