Robert H. Waters was born in New Haven, Connecticut, on February 27, 1826. He was the son of Robert Waters (1791-1868) of Salem, Massachusetts, and Mary (nee Breach) of New Haven, Connecticut. Waters came to Salem, Massachusetts in 1843 at the age of seventeen to join the Merchant Marine. He learned the trade of navigation and was engaged by Brookhouse and West, a large shipping house in Salem. His first command was the barque Imaum and then the Vaspasian. From 1856 to 1861 he sailed for Theodore and George Chase, Boston ship owners engaged in the China trade, commanding the Buena Vista, the Industry, and the Eagle Wing.

In 1861 Waters joined in partnership with Luther H. Felton, a Boston distiller and owner of the Crystal Spring Distillery. Waters then moved to Boston and called the new firm Felton & Waters Distillers and Rectifiers. The company engaged in the manufacture of New England rum and other liquors. This firm was dissolved in 1867 and by 1868 Waters became the owner of the Bay State Sugar Refinery.

Waters married Mary Peabody and they had a son, Robert Henry, who was born in 1851. Mary died soon after on June 6, 1852. Waters then married Elizabeth Banchor in May of 1860. There is no available information on any children produced from this marriage. Waters died in 1881 in Wenham, Massachusetts, and was survived by his widow and son, Robert Henry.

John Banchor was a merchant involved in a variety of business enterprises, one of which was a partnership, Banchor's and Boyden, wine merchants located in Boston. During the 1860s Banchor acted as commission merchant and business agent for Felton & Waters, conducting his business in New York City. He later moved back to Boston. Banchor was married to Abigail P. Banchor. The couple had at least three children. In addition to their daughter, Elizabeth, there were two sons, George and John. Banchor died in 1871.