| Abstract | This paper traces in detail the lives, investments, expenses, and debts of two related Texas families between 1880 and 1930. During this period, as the rural population moved into the cities, agriculture and land ownership transitioned from the basis of American wealth to be replaced by urban professionals and manufacturing investments. The records of these families record how middle-class farmers lived and adapted and how they managed their small town businesses. These details provide an important and necessary framework upon which the more general conclusions of macro-economic trends depend. The Caufield-Cavitt and Young-Foote families transitioned from cattle and sheep ranching on the frontier into cotton and grain crops. They moved into the neighboring small towns and invested in agricultural related industries, using their cotton income to finance their debts. When the prices for agricultural products became depressed, they faltered and failed. The Young/Foote family remained on their ranches and only cautiously invested in other ventures. They maintained control of their land and fortunes |
