Astoria Homestead Company Mortgage Revision

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At a Special Meeting of stockholders of the Astoria Homestead Company on July 11, 1893, the stockholders of the company approved the mortgaging by the company of its property and franchises in Queens County, New York for an amount not to exceed the sum of $350,000.(1, 1893-07-11 meeting)

On the following day, the board of directors of Astoria Homestead Company met and, given the consent of the stockholders, resolved to issue bonds in the amount of $350,000, paying an interest rate of six percent per year, that were to be secured by the mortgage of the company property and franchises in Queens County. The bonds were to be dated Oct 2nd 1893 and payable Jan 2nd 1914 in gold.(1, 1893-07-12 meeting) These documents were notarized by Walter C Foster, notary public, Queens County (and a partner of the law firm Foster & Foster). The officers of the company directed Messrs Foster & Foster to prepare and submit to the president of the company for execution a form of the mortgage of $350,000 with proper bonds accompanying the same. This process apparently took some time. William had recorded "fixed up my deed to Astoria H Co with WC Foster and Adolph H Burkard."(Diary, 1893-10-30) (Burkard was a member of the board of directors of the Astoria Homestead Company.) On the date of this entry, William apparently met with Attorney Edgar Foster (another partner of the law firm Foster & Foster) and Burkard to correct paperwork. Soon thereafter, William reports that "In ev’g Moulton & Walter C. Foster call, finally adjust Ast. Homestead Co. Mtge of $350,000…" apparently finally completing the details needed for the mortgage to go forward.(Diary, 1893-11-28)

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Sources:1."Steinway Village—Minute Book of the Astoria Homestead Company." Folder. LaGuardia and Wagner Archives, Fiorello H. LaGuardia Community College/CUNY, Long Island City, Queens.