One of the first of the new industries secured for the town was a silk factory, which, as Pelgram & Meyer, and, later as Van Raalte, Inc., contributed materially to the town's prosperity. Others that followed were a knife factory, a paper mill (at the old settlement, by then called Old Boonton), a nail factory, a brass and iron foundry, and a carriage factory. The Morris Canal, although going into a rapid decline when superseded by railroads, still employed a number of men. The Lackawanna Railroad completed its Boonton Branch in 1870, giving employment to a number of Boonton people and providing commuter service to Boonton residents who worked in New York City. The town supported many individually owned businesses, such as blacksmith shops, machine shops, bakeries and a miscellany of stores, which began to prosper anew as the nation emerged from the depression of the 1870s.