Phelps Lumber Company operated a sawmill at Phelps in 1925. This mill had previously belonged to E. A. Oualline, who had sold it to T. F. Mowery Lumber Company in 1924. The next year Mowery had defaulted on the note, and E. A. Oualline did take back a locomotive, ten log cars, a knife grinder, a ford motor car which operates with tram wheels on tram roads, and three log wagons.” Oualline did not take back the sawmill. E. A. Oualline conveyed the equipment back to C. J. McCarty on a new note the same day. The following September W. S. Cochran became a partner, possibly a majority partner, with McCarty and O'Leary.