History of Westchester County, New York, Vol. I
In 1811 under a special act of the Legislature was incorporated " The Westchester County Manufacturing Society." * The Act gave this corporation power to purchase, hold, and convey, lands and tenements, goods, wares, and merchandise whatsoever necessary to the objects of this incorporation." Under this sweeping clause it bought two farms on the Mamaroneck side of the river belonging to Gilbert Budd, a most honorable and respected man, one called the "Hadley"farm of about 62 acres, the other the " Homestead " of about 182 acres, or together 244 acres. This was all the land in the immediate neighbourhood of the mouth of the river on its west side and the village upon which the latter could grow. The company built a large dam and factory. But after a moderate success for a few years it ended in failure, and from that time till 1870 it was followed by a long succession of unsuccessful enterprises of a manufacturing character each in turn succumbing to failure, or forced sale. The consequence was that the title to the property became so involved, embarra.ssed, and confused, tliat faith was lost in it. The land became unsaleable, and it remained practically dead to the great detriment of the village in every respect.
» Ch. 17 Laws of 1811.
About 1870 began a change, and now it is understood that the clouds are entirely dispersed. As soon as this was found to be really the case, village improvement began at once, and is now going on with increasing rapidity.