Peter Smith, anticipating that the Morris Canal would build a lock and an inclined plane at the Old Andover Forge site, moved his family to the village and built a general store on the canal. He and his extended family operated the grist and saw mills, helped build the church, and supported the local school. The village soon included a store keeper, lock tender, plane tender, school teacher, and other residents. Smith’s canal store became the commercial center of the region as high grade iron ore from nearby mines was shipped on the canal and hundreds of boats loaded with anthracite coal from Pennsylvania passed through the village. His vision made Waterloo a thriving inland canal port where boatmen picked up supplies at the store, had their mules shod, and shared news with residents before traveling on.