The early history of Waters revolved around the logging industry, and the Henry Stephen's family was a major employer in the area through three generations involved in the Stephens Lumber Company. Henry Stephens III, known for a colorful reputation, created the bottle fence. He said it was a tribute to hardworking lumbermen, though legend holds that he contributed his share of the bottles, most of which had contained alcoholic beverages. Constructed out of empty bottles, the fence measured 110 feet long and 5 feet high. It was listed in Ripley's "Believe It or Not" and on the National Historic Register. Its original site was across the street near what is now the Fire Department. The original fence was gradually destroyed over time, and a replica built in the 1970's also deteriorated. Part of the cap of the original fence survives as part of the replica.