Pliny inspected the Colean factory and learned Colean had spent at least $450,000 on the relatively new building and machinery. Holt bought the assets on October 25, 1909 for the $50,000 note held by a trust company. and began operations on February 15, 1910 with 12 employees. The "Holt Caterpillar Company" was incorporated in both Illinois and California on January 12, 1910. East Peoria became Holt Manufacturing Company's eastern manufacturing plant, competing with the nearby Avery Tractor Company. Holt was credited with producing the first practical continuous tracks for use with tractors and he registered "Caterpillar" as a trademark in 1911.