Middlebury register. (Middlebury, Vt.) 1886-1937, 1916-01-28
ANNUAL BANQUET Of
VERMONTERS AT BOSTON
Governor Gates and James HARNESS
Among the Speakers


the Hotel Vendome on Saturday eve
ming, January 22nd, besides Cover
nor Mccall and ACKNOWLEDGEMENTS
Coolidge of Massachusetts,, mere
were present Governor Gates OF YER
mont and many notable Vermonters'
Governor Gates brought the greet
ings of the Green Mountain state to
the assembly, and was followed by
Hon, James HARNESS of Springfield
Vermont, chairman State Board oil
Education,
Mr.. HARNESS said in part; ! come
to speak to you of new Vermont
a modern Vermont that Is now IN the
making, II will combine the splen-
did characteristics of the past and
present with possibilities in the fu-
ture that will make our state a lead
or in the essential things. There
has never been time in the history
Of ' rmon, when so many clements
were favorable to such growth, MY
life has been spent in the indus
tries. In this exp ence ! have had
an opportunity to .inow first hand
how the workman thinks and feels.
| have observed the difference that
exists between the various sections
of this country and abroad with spe-
cial attention directed at the devel-
opmeat and growth of the industries
of Germany, During al this time !
have been actively connected with a
Vermont organization, and as a re-
suit | see the great opportunity for
the Vermonter
This is an age of mechanism, OF
invention and machinery, The gold
fields of today are right here in the
industrial states, where there Is a
spirit of invention, of constructive
achievement and coordination of eff
forts.
The Vermonter is in his natural
element in the world of mechanism,
and is bound to succeed, The state
needs him, the other pursuits are
dependent on him and his old home
needs him, but he cannot remain
without a chance to work.
An industry of the right kind To-
Gated in each town, changes that
place from a center where the farm
ers trade with each other to one
where the farmer sells to those who
are bringing in ready money from
other states and other countries. He
finds this new center one in which
he can find a remunerative work for
himself and sons, and if his farm
is within a few miles he can continue
to live in his own home.
Under the influence of the pros
perity of this center he receives bet
ter prices for his products and there
Is a greater demand for farm land.
These two conditions enrich him by
doubling the values of farL prop
erty.
We must not impede our agricul-
tural development. The same scien-
tific and aggressive push must con-
tinue and with it we must devote the
same kind of energy 20 the estab-
lishment of more industrial centers.
For examples of industrial devel-
opment in Vermont let me mention
the towns of Springfield and Windsor,
which are enjoying a wholesome in
dustrial growth in the manufacture
of metal working machinery. This
industry Is known as the Machine
Tool Industry and embraces the man
ufacture of lathes The machine tool
building plants Of Springfield and
Windsor have grown from a single
root that started sixty years ago at
Windsor. 1t was not very sturdy
plant during the first forty years.
1t remained a very small organiza-
ton without great change till about
twenty-five years ago, when 1t was
transferred to the neighboring town
Of Springfield and commenced to
grow. At that time 1t had capital
of only sixty thousand dollars, winch
by the most liberal inventory was
800 larger than its net assets This
compary's stock sells at price that
indicates a value over fifty times
the original mentioned. This has
been accomplished without the use
of now capital, and while running
under a general policy Of paying one
half the earnings in dividends.
The plant at Windsor, according
to press reports, has recently changed
ownership on basis of valuation
of three and one-half millions, and
although, in the course of its growth
1t has taken outside capital, it has
accomplished it's growth by a shorter
process than the parent Springfield
company.
The increase in men engaged in
the machine tool industry in the two
towns has nearly equalled the in
crease in capital for there are now
between twenty five hundred and
three thousand men.