Previously called Wawaka in 1885, the town was renamed to Waka in 1927 when the town was shifted nearer the railroad. The first settlers were German immigrants. In the latter year Burnside, a stop on the railroad was laid off as a townsite and shipping point for area farmers. By 1921 the Burnside community changed its name into Waka but the name was officially renamed in 1927. J. N. Stump was the first postmaster and the town’s founder. Today many of the Stumps family’s descendants still live in the area. The population dropped from 145 in 1990 to 65 in the year 2000.
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