M. E. Davidson and A. B. Wallace each bought an one-half interest from W. H. Phillips in the Lovelady Lumber Company, located at Lovelady, in 1947, according a bill of sale. Property transferred included a a Cunningham sawmill, four horses and mules, a planer-matcher, two power units, a trimmer, a blower, two cutoff saws, a planer and planer shed, three rubber-tired wagons, and five trucks and log trailers. In 1948, M. E. Davidson sold out his half to J. D. Clark for $100 and other considerations.