Avery Architectural and Fine Arts Library Gift of Seymour B. Durst Old York Library Ex Hthrta SEYMOUR DURST ~t ' 'To ft nt&uu/ ^4m/?ere/am o]> Je J/Lanhatans r_r FORT NEW A.WrTERD.UV^^^ (NEW YORK 1 1 65 1 When you leave, please leave this book Because it has been said "Ever thing comes t' him who waits Except a loaned book." ^Ehe Westchester fath Digitized by the Internet Archive in 2013 http://archive.org/details/westchesterpathOOwest ^he Westchester ^fpath N the early Colonial days "The Old Westchester Path" was the main thoroughfare connecting New York City and Westchester County. The historian describes it as little better than an Indian trail, littered with rocks and, during the rainy months, most difficult to travel. Many of the foremost actors in Colonial History resided in Westchester County at this period. Most of them maintained winter residences in New York City. Each year "The Old Westchester Path" was the route taken by the Morrises to their seat at Morrisania, by the Van Cortlandts and the Philipses to their Manor Halls on the Hudson, by the Heathcotes to their Manor of Scarsdale, by the Pells to their Manor of Pelham, and by the Jays and De Lanceys to their broad acres on the sandy shores of Long Island Sound. The "Path" of three generations ago still connects the metropolis and the Hills of Westchester, but it has been beaten by the feet of many travelers into a path of steel and macadam and broadened by the ebb and flow of daily traffic into a network of parkways, boulevards and railroad lines spread fan-shape over the county, converging in the heart of the nation's greatest city. Today, the boundary line between New York City and Westchester County, in length barely nine miles, is crossed by a six-track railroad, three four-track, a double and a single-track railroad, and a half dozen electric trolley lines. Another four-track railroad is in course of construction and the subway forms an in- visible but efficient link between Westchester County and the Battery. In the year 1909, an average of 60,000 people traveled the new "Westchester Path" daily. No county is richer in historical interest than West- chester. At White Plains, the County Seat, the Colonial Legislature, on the 9th of July, 1776, ratified the Declaration of Independence and its members styled themselves for the first time, "Representatives of the State of New York." A magnificent armory now marks j;he^slteof the State's birthplajBe.^r^3$e old Philipse Manor House, with its broad staircase and stately halls, " ers City Hall, though now transformed into t Van Cortlandt Manor House, Kings Bridge, Built by Frederick Van still bears evidence of the luxury enjoyed by the Lords of the Manor, while its mysterious underground pas- sages, one of which connected it with the Hudson River near a favorite anchorage of Colonial free-traders, throw some light upon the source from whence much of the luxury came. At Tarrytown the British Major Andre, returning from his meeting with the traitor Arnold, was captured by men whose descendants still reside near the spot, and close by, peacefully dozing, is the tiny hamlet of Sleepy Hollow, made famous by the pen of Washing- ton Irving. "The Old Westchester Path" was the route adopted by the Colonial Legislature of the State in its flight from the scene of its deliberations in New York City to " the white plains" in June, 1776, and was also the road chosen by Fenimore Cooper's "Spy" in his perilous journeyings in quest of information for the use of the Commander-in-chief of the Continental army. The Westchester County of today retains the rare characteristics of climate and landscape which made it attractive to the manor lords of old, but, instead of the broad farms of manorial times and the meagre and widely-scattered population, it has become the County Heathcote Hill, Mamaroneck. The County seat of the Heathcote and DeLancey families since noo. The present house was built in 1792 by John Peter DeLancey and in it were born Susan Augusta DeLancey, wife of James Fenimore Cooper and the Right Reverend Wm. Heathcote De- Lancey, Bishop of Western New York. of Many Homes, containing Yonkers, in population the eighth city of the State, Mount Vernon and New Rochelle, cities with an approximate population of 31,000 and 29,000 respectively, and White Plains, a village of 16,000, said to be the largest village in the State. In 1880 the population of Westchester County was 108,998; in 1890, 146,772; in 1900, 184,257; in 1905, 228,941, and in 1910 over 300,000. For the five years preceding the State census of 1905, twenty coun- ties in New York State show a decrease in population. Excluding the counties comprising Greater New York City, Westchester County leads in point of increase. The cause of Westchester's rapid growth is, un- doubtedly, its proximity to New York City. This seething vortex of the country's business activity, with its ever-widening eddies, is constantly sucking in more people. Within the 63 square miles comprising the Boroughs of Manhattan and The Bronx nearly one-half of the State's entire population perform their daily tasks. These workers and their families must live ^\^^^^e air is fit for the children to breathe and where .here is space for the family roof-tree. Here, then, is the demand for homes. Westchester County, with an Philipse Manor Hoxise, Yonkers, in isi2. Built in /gsl> by Lord Frederick Phili])se and now used as the Yonkers City Hall. Home of the celebrated beauty, Mary Philipse area of 450 square miles lying within what is known as the commutation district, bountifully provides the supply. As a logical result of the growth of the county real estate values in Westchester have doubled and quad- rupled in the past twenty years. The application of the immutable law of supply and demand has created an active real estate market, which, in turn, has settled real estate values and causes a constant demand for mortgage loans. The Westchester & Bronx Title & Mortgage Guar- anty Company of White Plains is the largest loaning institution in Westchester County. It lends annually on bond and mortgage, secured by improved real estate in the choicest sections of the County, about $2,500,000. The mortgages thus obtained have been sold to investors with the principal and interest guaranteed. Mortgages on real estate are, theoretically, the safest form of investment. This has been recognized by the laws governing the investment of trust funds since the earliest days of English Jurisprudence. W Westchester County has been called the County of Many Homes. By far the greater number of the loans Philipse Manor Hall, Yonkers. Restored in isse and recently purchased for the City of Yonkers by Mrs. Wm. F. Cochrane, to be used for historical purposes. made by this Company are secured by mortgages on homes. Some mortgages cover modest cottages and some palatial mansions. They vary in amount in pro- portion to the value of the security. The keynote of our success in lending money is un- doubtedly the word "home." We believe that homes form the best class of security for conservative loans. The home is the most closely guarded possession of the average man. He will be forced to the last ditch of financial defense before it is sacrificed. On two occasions only in the history of this company has it been obliged to take property at foreclosure sale, and in neither case was it a home which was sacrificed. The guaranteed Westchester mortgage, as procured by this company, is the product of the most improved and conscientious method of lending money. It is a mortgage, which, besides the promise of the borrower secured by the land, carries with it a promise of pay- ment by a third party, called the guarantor. In the case of our investments, we are the third party, and if our judgment as to real estate values be erro- neous, or if our method of acquiring first mortgages be Ghiion's Tavern, Eastchester, on the old Westchester Path. Erected about mo and kept by Charles Chiton during the Revolution. At this Inn, Governor Oeorge Clinton, after the evacuation of New York in ms directed the State Council to assemble. faulty, we are bound to make good the loss. The old method of making loans on bond and mortgage required that the lender rely entirely upon his own judgment or upon the judgment of his professional adviser in select- ing the mortgage security. Should a mistake be made, either in judgment as to values, or in the work of exam- ining the title and closing the loan, the loss fell upon the investor, provided his attorney, if the mistake were his, had used what in the law is called " due diligence." Our guarantee is absolute. Besides the element of safety, inseparable from our guaranteed Westchester mortgages, they possess the acceptable characteristic of convenience. In detail, the guarantee which goes with our mortgage investments means : First: That the real estate security has been sub- jected to an appraisal by the trained appraisers in the employ of the company; that their report has been approved by the members of the Mortgage Committee, which committee is selected from the Board of Directors of the company and is composed of men thoroughly familiar with the value of local real estate, all of whom reside in Westchester County; that the amount of the The old Miller House, White Plains, where General Washington established his head- quarters during the bat- tle of White Plains, Oct. 28th, 1776. loan approved does not exceed 60% of the Company's valuation of the proposed security. Second : That the title to the real estate security has been put to the test of an examination by our Title Examination Department and has been found satis- factory. Third : That the bond and mortgage have been pre- pared and the mortgage recorded under the scrutiny of expert conveyancers in the employ of our Conveyancing Department. Fourth: That the principal will be paid when due or within the time limit mentioned in the Guarantee Policy, and that interest checks will be received by the investor promptly on each semi-annual interest day, without regard to the payment or non-payment of the interest by the borrower. Fifth : That, through the agency of our Tax Regis- tration Bureau, the taxes levied from time to time against the mortgaged premises will, if in default, be paid before the property has been sold by the tax officials, and, that our Fire Insurance Department will maintain sufficient fire insurance on the mortgaged buildings during the life of the mortgage. The guar- Tlie second Court House built at White Plains in m? on the site of the Court House which was burned by the American troups, the records having been first re- moved Nov. r>, me. The first Court House was erected in i1S9 upon the removal of tlic County Seat from Westchester village to "The White Plains". It was in the first building that the Colonial Legislature passed it's famous resolution of July uth — Tin, :: :: :: :: :: antee also keeps the building in repair and attends to the renewal of the investment, if that course be desirable. Sixth: That the company stands back of the real estate security, with ,its entire capital and surplus, to indemnify the investor in case of loss. All these agreements are embodied in a policy which is delivered to the purchaser of the mortgage with the mortgage papers. The mortgages sold by this company as investments are exempt from taxation in the State of New York. If an inspection of the mortgage security be deemed essential, as it is in the case of the investment of Saving Bank Funds, the mortgaged premises are all in West- chester County and can be viewed without inconvenience prior to the purchase of the mortgages. Guaranteed mortgages can be successfully purchased by mail. Memoranda of investments are cheerfully submitted upon request. The amount of our mortgages range from $3,000 to $50,000. Our Guaranteed First Mortgage Certificates are issued in denominations of $100, $500, and $1000, and represent undivided shares in guaranteed first mort- Present Court House, White Plains. Erected in /S55-57 and enlarged in i893 and oos. Total cost approx. $f ,000,000.00. gages. They are issued to supply the demand for small investments and to care for funds of odd amounts. Our booklet, "How $500 Can Earn 5%," is devoted exclu- sively to the Certificates and can be had upon request. Interest on investments begins on the day upon which we receive the check for the principal. If it happens that we cannot supply a mortgage in the amount de- sired, we arrange to pay bank interest on funds awaiting investment, aiming to supply the mortgage at the earliest opportunity. The company makes no charge for its services to the investor. The premium for the guarantee is paid by the borrower. The mortgages are usually sold to the in- vestor at Y2 of 1 % less than the rate of interest provided for in the mortgage. The 3^ of 1% is our fee for ser- vices. The investor has the custody of the bond and mortgage. The assignment to him is recorded at our expense. The guarantee policy runs until the mortgage is paid and does not expire with the maturity of the mortgage. Our guaranteed mortgages usually run for three years, and, if i%$be 'opinion of our Appraisers and Mortgage Committee conditions continue to be satisfactory on "Birth Place of the State of New York:' State Armory, White Plains, Headquarters of Com- pany L, 10th Reg., N. Y. S. N. G. Erected in 1909 on the site of the old Court House in ichich the Colonial Congress of the Province of New York on July 9th, ma, adopted a resolution giinng sanc- tion to the Resolution of Inde- pendence adopted by the Conti- nental Congress, July '.'nd, m6. the due date of the mortgage, an extension is arranged for another term of three years, without expense to the investor. In this way an investment in a guaranteed mortgage can be for a long or short term at the will of the investor. The guaranteed mortgage is a legal investment for trust funds under the Statutes of the State of New York. It is, therefore, particularly recommended to savings banks, executors, trustees, committees, guardians and others charged with the duty of investing funds held in trust. This form of investment also strongly commends itself to that great class of persons who depend upon the income from their investments for their daily living. These persons must have the highest return in interest compatible with perfect safety. Government, munici- pal and many private corporate bonds are recognized as safe investments, but they cannot compete with Guaranteed First Mortgages in point of net return. The guaranteed mortgage is not an investment for the speculator. It is always worth par — no more, no less. Without making undue claims for our Westchester County Guaranteed First Mortgages, it may be said in conclusion that this investment and its offspring, the Guaranteed First Mortgage Certificate, contain more elements of safety and fewer of risk than any other investment with a like return in interest. Your money need not lie idle awaiting investment. Our mortgages are being made every day and can be had for the asking. UfBtrf|p0t£ r nnh Ironx With anil mortgage (Suarantg OIo- Wt\\tt Plains, £3>tu fork Capital and Surplus - - $900,000 OFFICERS FRANCIS M. CARPENTER, President and Treasurer MOSES TAYLOR, Vice President J. CRAWFORD STEVENS, Secretary B. FRANK PALMER, General Manager REGINALD P. RAY, Assistant Secretary WILLIAM X. WEED, Counsel BRANCH OFFICES The branch offices are located as follows: 22 Getty Square, Yonkers 55 Lawton Street, New Rochelle 22 East First Street, Mt. Vernon 176 Broadway, New York City DIRECTORS Frank Bailey Charles S. Brown Wilson Brown, Jr. Francis M. Carpenter Richard Edie, Jr. James F. Horan Clarence H. Kelsey W. H. Lockwood Frank V. Millard Henry Lewis Morris Richard O'Gorman B. Frank Palmer Edwin H. Peck Frederick Potter William Ryan Henry W. Sackett J. Crawford Stevens Moses Taylor Robert B. Van Cortlandt J. Mayhew Wainwright FRANK FRESBREY COMPANY NEW YORK