In eastern Lamb County, Olton was founded by W.P. Soash of Waterloo, IA, in 1908. Soash bought 87,000 acres of ranch land and resold these lands to northern pioneers, arranging special trains to bring prospective buyers to the area. Soash persuaded the Adam Powell family to move their post office south to the new townsite and named the post office after their son, W. Olton Powell.
Agriculture is the predominate industry with corn, cotton, soybeans and wheat as major crops. Agri-Gold, Inc. is a local industry that grows and ships canna, iris and daffodil bulbs throughout the many areas in the U.S., Canada and Europe. Fields of beautiful cannas can be seen during late summer and early fall.
Bed and breakfast facilities are available in historic buildings downtown.