Show Babson's Babson s Authentic c Statement I By Roger W. W Babson Ba son I am taking a months month's vacation vacation va- va va va-i cation in the fair city in which I was born namely Gloucester ter Mass As I sit on my piazza and watch the beautiful ful but vacant harbor which when I was a boy was full of fishing vessels I reminisce concerning the r rial rIa i a 1 changes of the past 50 years This continues to be a prominent prominent prominent prom prom- industry but it has gone through great changes Once most of the fish was Vas dried out of or doors in the sun and either cither cut up and sold in little wooden wood wood- en boxes or els else exported In bulk Fish was also sold throughout the country chiefly chief chief- chiefly ly Iy by the Frank E E. E Davis Company pickled in tubs and b other othel concerns cooked in incans cans Everything from fish- fish balls to confectionery was tried out by the fish compa compa- nies flies Finally Clarence Birdseye Birdseye Birdseye Birds- Birds eye invented the quick freeze industry which resulted in the employment of a large number number number num num- ber of people in the filleting and packing of fish for storage storage stor stor- age ge in large freezers My guess is that someday I much of this work will be elimina eliminated ted and the entire fish ish will be ground The Interior Department tells me that whereas the fillet now sold contains only 60 percent of the I food value of or a fish the rest i going to the chickens this ground fish would contain percent of the goodness In Inthis this connection it is interesting interesting interesting interest interest- ing to note that doctors are arc prescribing fish diets for those with heart trouble I believe in the future of the fish industry industry indus try but feel that gr great at revolutionary revolutionary revolutionary revo revo- changes are head Already many of the leading fish concerns of or my boyhood have gone through bankruptcy bankrupt bankrupt- cy for refusing to adapt apt themselves themselves themselves them them- selves quickly t to f future u hi t u r r. e changes The most profitable Indus- Indus ry of Cape Ann in those days was was' the tha granite industry r y There were six large quarries in operation and Cape Ann owners were shipping granite for building purposes and for paving the streets of 01 large cities cities cit cit- ies ties Then two unforeseen events happened which caused th lh stocks of these granite companies to decline suddenly from over a share to 5 a share The largest shipper of ol granite was the Rockport Granite Company which finally finally finally final final- ly went into bankruptcy These two unforeseen events were 1 the development of I the Uie automobile bile which demanded demanded de de- de- de that the paving stones I be covered with asphalt anc and 2 the invention of cement which became a great building factor Those who had invested invest invest- ed in the granite business suffered suffered suf suf- suffered severe losses The people pea peo pIe who suffered included the best families of Gloucester and Rockport port and even the banks Another branch of the Babson Babson Babson Bab Bab- son family was engaged in the sailing of three-masted three ships around the Horn to China or and-or across the Atlantic Ocean and around the Cape of Good Hope to India am and the East Indies Those were great days before beCore there were any lighthouses or radios or weather reports The story of m my family is written in a book entitled The Sea Made Men They rhey would anchor their yes ves vessels sels at nt certain certaI points and row ashore and trade for all kinds of natural resources After establishing a reputation with the he natives for honesty my Gloucester ancestors had sort of a monopoly of ol the business and it was very profitable It makes me feel leel bad to see that China has temporarily gone Communist and with the exception exception exception ex ex- of Hong Kong we have no connection with her million industrious people When steamships were used the tho China trade moved to our larger American cities such as asi i New York Philadelphia and New Orleans However the Babson family continued in inthe inthe inthe the merchandising business My 1 father Cather Nathaniel Babson was the leading storekeeper in Gloucester and at nt his suggestion suggestion suggestion sug sug- the family acquired control of over variety stores which have now become become become be be- come the profitable McCrory chain The moral of this story Is the importance of DIVERSI DIVERSI- The families who put all their money into the fishing business have havo largely gone broke the families who put their money in the granite business were forced into bankruptcy the families who refused to change from the sailing ships for steamships have hav about held their own So SoI I urge today diversification Do not put all your eggs into one basket Have them in a afew afew few lew different baskets but carefully watch each basket and be willing to quickly realize realize realize rea rea- lize coming events |