Olson was an attorney from Minneapolis, Hennepin County Attorney (1920-1930), Farmer-Laborite nominee for governor in 1924, and sitting Governor (1931-1936). Olson died in office on August 22, 1936 and the party nominated Ernest Lundeen to replace him on the ballot.
Taylor was a resident of Aitkin, former Court Commissioner of Aitkin County, Republican candidate for the 8th CD in 1908 and 1910, non-partisan nominee for HD 54 in 1924, Farmer-Labor candidate for the 6th CD in 1926 and 1928, and Farmer-Labor candidate for Governor in 1930. Olson defeated Taylor in the Farmer-Labor gubernatorial primary in 1930.