Anson P. Waterman was born in South Ballston, Saratoga County, New York, January 15, 1819. He was educated in the public schools, served as store clerk until 1840, after which he opened a hardware store in Phelps, New York.

Anson arrived in Beloit during 1854 and resumed his hardware business on State Street. In 1866 he took in as partner John B. Gordon, with whom he continued the business until 1880. Waterman was also interested in the hardware business in St. Louis, Missouri, which occupied a considerable amount of his time between 1876 to 1889. He was a strict temperance advocate, serving the Beloit Board of Education for twenty years. He was also one of the organizers of the Northwestern Mutual Life Insurance Company, as well as trustee.

He served as trustee of Beloit College from 1856 to 1902 and college treasurer from 1869 to 1877. In 1889 Waterman was appointed assistant treasurer of the college. On December 31, 1840, Waterman married the former Jennie Hubbell with whom he had three children. The couple were faithful members of the First Presbyterian Church where they remained for 40 years. Waterman School was named in his honor. Anson also served as elder of his church from 1865 to 1902, as well as serving as treasurer of the church.