t ' s ▁uns old ▁invent ory ▁of ▁military ▁tra ctors . ▁The ▁company ▁moved ▁to ▁focus ▁less ▁on ▁agricult ural ▁mach in ery ▁and ▁more ▁on ▁producing ▁road - building ▁equipment . ▁To ▁keep ▁the ▁company ▁af loat , ▁they ▁borrow ed ▁heavily . ▁ ▁Both ▁companies ▁were ▁affected ▁by ▁the ▁transition ▁from ▁a ▁w art ime ▁to ▁a ▁pe ac etime ▁economy , ▁which ▁contributed ▁to ▁a ▁nation wide ▁de pression , ▁further ▁in hib iting ▁sales . ▁ ▁On ▁December ▁ 5 , ▁ 1 9 2 0 , ▁ 7 1 - year - old ▁Benjamin ▁Hol t ▁died ▁after ▁a ▁month - long ▁ill ness . ▁Hol t ▁had ▁been ▁considered ▁a ▁" qu iet ▁and ▁un ass uming ▁man ▁who ▁loved ▁his ▁work ". ▁He ▁was ▁well ▁liked ▁by ▁his ▁workers ▁and ▁dedicated ▁a ▁trust ▁fund ▁for ▁employees ▁who ▁suffered ▁financial ▁difficulties . ▁ ▁C ater p ill ar ▁company ▁formed ▁▁ ▁The ▁banks ▁who ▁held ▁the ▁company ' s ▁large ▁deb t ▁forced ▁the ▁Hol t ▁board ▁of ▁direct ors ▁to ▁accept ▁their ▁candidate , ▁Thomas   F .   B ax ter , ▁to ▁succeed ▁Benjamin ▁Hol t . ▁B ax ter ▁was ▁a ▁former ▁Boston ▁bank er ▁who ▁had ▁joined ▁the ▁Hol t ▁company ▁in ▁ 1 9 1 3 ▁as ▁a ▁business ▁manager . ▁The ▁company ▁strugg led ▁with ▁the ▁transition ▁from ▁w art ime ▁bo om ▁to ▁pe ac etime ▁b ust . ▁B ax ter ▁initially ▁cut ▁the ▁large ▁tra ctors