The Goodell-Pratt Model 700 lathe was a tiny affair which weighed 93/4 pounds and stood just over 8-inches high - it admitted only 31/2" between its centres - and swung 5" over the bed.
In comparison with their very modest claims for the larger Model 125 lathe (…. reasonable accuracy ….We do not claim to make a precision tool….) the makers almost eulogised the 700 claiming that is was, "thoroughly practical in every way, and capable of all classes of work within its capacity …." and that it was, "… thoroughly well made, and in perfect alignment." However, conscious no doubt of the distrusting nature of tight-fisted customers, hurriedly added the rider, "...yet all unnecessary expense has been eliminated."
The bed was milled and hand scraped, a four-step pulley for 1/4-inch round belt was fitted and the spindle was bored through 3/16-inch and fitted with a draw-in collet holder (a centre was supplied on a collet, there being no Morse taper in the headstock spindle) with a No. 0 Morse taper centre for the tailstock. A useful range of accessories was offered (some of them more expensive than the $44 cost of the basic lathe) and designed to convert the machine into a miniature universal tool. The Model 700 also formed a basis for the polishing lathes Nos. 28, 29 and 291/2 - an example of which is illustrated below.

Goodell-Pratt Model 700 "Precision" lathe in a fitted wooden box with a "Figure Z" Countershaft, "Figure G" Table Rest, "Figure D" Saw Arbor (but no saw), "Figure V" Step Collet and four Standard Collets to hold 1/16, 1/8, 3/16 and 1/4-inch bar. It cost $72 in 1926.

Goodell-Pratt made a version of the 700 lathe expressly for polishing use. It was available in two versions, the Model 29 and Model 291/2. The latter boasted a screw-feed tailstock, a spindle with a taper in both ends, a left-hand outboard "false nose", an arbor to carry a small saw blade, a Jacobs chuck and a small faceplate of the typical Goodell-Pratt twin-slot type. The Model 29, which cost just $1 less, used a standard spindle and an ordinary "push" tailstock barrel - but was otherwise (apart from the false nose) identical. Both lathes were fitted with a two-step pulley for flat-belt drive with the larger of the two grooved so that a round belt could be used if desired.