History of Lynn, Essex County, Massachusetts, including Lynnfield ...

372 HISTORY OF LYNN.
Industries of Lynn.
The leading business of Lynn continues to be, as it has
been for almost a hundred and fifty years, the Manitfacture
of Ladies' Shoes. And though the manufacturers lost largely
by the great fire, it does not seem that there has been much
diminution in the volume of trade, though it is carried on in
some instances in different localities. But little need be said
here in addition to what has been given elsewhere on these
pages. There are 179 factories, with an aggregate capital of
$4,550,000; average number of persons employed, 12,000;
value of annual product, if 21,300,000 ;
gross profit, $4,000,-
000; average yearly earnings of each employe, $465. Of
course it is not claimed that these estimates are entirely unerring
in every instance, but they are as reliable as diligent
inquiries and care could make them.
Next in historical importance is the Leather Manufacture
— chiefly that which comes under the general names of morocco
and leather. It is probable that at no former period
has this branch of industry been more active or profitable.
The number of factories may be stated at 30 ; capital invested,
$950,000; value of product, $2,450,000; stock used,
$1,687,000; number employed, 800.
The recently established Tho^nson-Houston Electi'ic Works.,
which are briefly spoken of under date 1883, bid fair to overshadow
all the other industries of Lynn. They have attained
huge proportions in a marvelously short time, the business
having increased in five years from about $400,000 per annum
to $12,000,000. At the present time, May, 1890, there are
employed at the works here 2,500 persons; which number,
by including those elsewhere engaged in the service of the
Company, would be raised to more than 4,000. The amount
of capital, including invested surplus, is about $9,000,000.
The floor space now occupied by the Lynn factories is 281,586
square feet. The product of the Company is electrical machiner}^
of all kinds, and is of course for the greater part
disposed of in the United States ; bvit there is a constant and