Founded 1930, jointly with Texas Cowboy Reunion—to "hand down to posterity, customs and traditions" of early cattle people who lived in dugouts and fought drouths, die-outs, heat and freeze-ups, raising the longhorns that finally brought settlement to the southwest. Here (1930) were 335 men who had been cowboys prior to 1895. Besides regular cowmen, early members included musician Paul Whiteman, editor Amon Carter, Ranger Captain Tom Hickman and Will Rogers, ex-cowhand, internationally famous entertainer and columnist. Colonel R.L. Penick was first president.
In 1932, donation of a bull started building fund for bunkhouse and roundup hall standing nearby. SMS Ranch donated site. The interior and exterior of the bunkhouse feature ranch brands of many members.
Oldtimers' Reunion and Rodeo held 3 days annually (including July 4th) features chuckwagon meals, square dancing, and oldtimers' memories and songs.
Town celebrates with cowboy parade and thousands come to see what is called "World's Largest Amateur Cowboy Show", with actual cowhands performing.
These oldtimers represent the end of the open range and beginning of the era of barbed wire. They opened Texas' last frontier.