By this point, Alford was a wealthy man, and he had dreams of turning Holly Springs into an industrial town of 10,000 people. The town's population had not increased a great deal, holding at around 300, but the business community and the schools were drawing outsiders. The flourishing village was once again struck down by war with the start of World War I. The young men went off to fight, and many others went away to work in war-related industry. In 1923 Alford died, leaving the town without an effective voice in political circles. Then came the Great Depression. The Bank of Holly Springs, established before the turn of the 20th century, failed in 1924. Holly Springs experienced difficulty during this time, although WPA funds were used to build a school auditorium. The town missed out on the new federal road-building projects being carried out to provide employment.