Lomond became known not because of the fishing industry but because of the logging industry. Originally named Murphy's Cove by one of the earliest settlers, Lomond was not settled until the early 1900's. A nearby community known as Stanleyville was the site of the first sawmill and is listed in the census between 1901 and 1921.

Stanleyville, a small logging and farming community, had 48 residents in 1901 with none of the 21 children attending school. All the families worked in the lumber industry. The first homes were built around 1916. When an English firm, the St. Lawrence Timber Pulp and Shipping Company, moved to Lomond from Stanleyville in 1918 they built a large steam mill, wharves, buildings, houses and a school to encourage settlement.