After moving to Hartford, Phelps began manufacturing saddles and shipping them to the South. His business grew rapidly. He had a large brick building constructed on North Main street, which became known as the "Phelps Block." In 1812 he moved to
New York City and began doing business with
Elisha Peck under the firm name of Phelps, Peck & Co. in the United States. In
Liverpool,
England, where Peck managed it, the firm was known as Peck, Phelps & Co. They dealt in metal imports from England including tin, tin plate, iron, and brass; and exported cotton from the South to the textile mills in England. Stokes was wealthy in his own right. During the 1837 financial crisis, he helped the Phelps, Dodge partnership through a difficult time with a loan. Phelps' business interests included banking, property, mining, ironworks, shipping, railroads and timber. After the split with Peck, some of these interests were divided between the two men. Others remained in joint partnership, including the New York property portfolio and shipping. Peck, who took over the rolling mill at Haverstraw, would continue to purchase raw materials from Phelps. ==Philanthropic interests==