| History: | W. M. Waterman sold half of his company to Vandervant Lumber Company of Kansas City, Kansas, in 1905. The name remained the same, and the officers were W. F. Ingham, president, W. M. Waterman; vice president; and G. W. Beach, secretary. The Waterman Lumber Company built a second mill in Shelby County about 1908. It was located sixteen miles south of Timpson and connected to it by the company tap-line and logging tram road, the Texas & Gulf, which ran from Timpson to Marshall. The Texas and Gulf later became the extension of the Gulf Colorado and Santa Fe that connected Shelby, Panola, and Harrison counties to southeast Texas and Beaumont.
Waterman Lumber operated a logging tram road from its mill at Waterman as well as from other points on the Texas and Gulf. Keeling noted that the ten-mile tram road had one geared and six rod locomotives operating on it at various times.
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