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Both companies were adversely impacted by the transition from a wartime to a peacetime economy, which contributed to a nationwide , further inhibiting sales. On December 5, 1920, 71-year-old Benjamin Holt died after a month-long illness.^[

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A 60-horsepower Caterpillar Sixty being used for road work in the  United States in 1931

The banks and bankers who held the company’s large debt forced the Holt board of directors to accept their candidate, Thomas A. Baxter, to succeed Benjamin Holt. Baxter initially cut the large tractors from the company’s product line and introduced smaller models focused on the agricultural market. When the  funded a US$1 billion federal highway building program, Baxter began refocusing the company towards building road construction equipment.^:۶۶ Both companies also faced fierce competition from the  company.

Between 1907 and 1918, Best and Holt had spent about US$1.5 million in legal fees fighting each other in a number of ,  and  lawsuits. Harry H. Fair of the bond brokerage house of Pierce, Fair & Company of San Francisco had helped to finance C. L. Best’s