EDIT: Technically not multitrack but sound-on-sound, which would lead Les Paul towards multitracking a few years later. And I just have to add this quote. What a badass.
With anything that we recorded there was never a VU meter and there were also no equalisers. I was flying absolutely blind. I went by my ear, wearing a pair of Armed Forces headphones that I think were in the range of 5Hz to 50kHz, and I'd just bring the level down a little bit if there was any distortion ...
"One of the things that intrigued the guys at Capitol was how the needle always looked like it was standing still," Les continues. "One day, the president of the company stopped me and said, 'Hey, we've finally figured out what to do. We've built a limiter-compressor, and with this we now are able to do what you do.'