Ole Peterson was born in Vermland, Sweden, on April 6, 1859. He came as a young man to America, at first working as a lumberman at Prairie Island near Red Wing, Minnesota. In 1892 he came to Foster County and homesteaded near Grace City. Later he and G. L. Farnham operated a large ranch on the banks of the James River south of Grace City. This ranch had as many as 350 head of purebred Herefords as well as other stock and hundreds of acres were cropped at the same time.

Ole married and had three children: Dons, Leon and Dean. His death came November 24, 1927.

Source: A History of Foster County 1983 Page 63B