Astoria Homestead Co., Long Island City, NY, 1893 Specimen Bond, Historic Bond Issue by the Steinway

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:325.00 USD Estimated At:450.00 - 750.00 USD
Astoria Homestead Co., Long Island City, NY, 1893 Specimen Bond, Historic Bond Issue by the Steinway

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Long Island City, New York, 1893. $1000 Specimen 6% First Mortgage Gold Coupon Bond, Black text with brown border and undertint, Illustration of a house with stone wall at top center. Red specimen overprints, 000 serial numbers, and POCs. Fine condition with archival reinforcements, ABNC. With William Steinway as its principal shareholder and incorporated in New York State in January 1889, the Astoria Homestead Company, initially capitalized at $250,000, had as its stated purpose "the purchase of vacant and improved real estate, the erection, sale, renting and leasing of buildings and building sites for the purpose of residence, manufacturing, stores, etc." (notes from the 1889-02-02 meeting). Much of the land purchased by the company was located near the Steinway (Piano) factory (which was established in Astoria beginning in 1873) and in or near the company town called Steinway Village in Long Island City in Queens. William Steinway had long combined investment in real estate and other things with charitable works using the assets of Steinway & Sons. Establishment of the Astoria Homestead Company allowed a separate corporation to attend to these land matters (Steinway still used assets of Steinway & Sons to finance this company). William believed that this vacant and neglected land would soon be more accessible to New York City via new bridges or tunnels projected to be built in the future, and therefore he felt that such land was a good investment opportunity. When established in 1889, the Astoria Homestead Company had authorized capital of $250,000, of which half was paid in at the start with the remainder being paid in 1890. The company opened bank accounts with Queens County Bank in Long Island City and with Union Square Bank in New York City. In 1893 the capital of the company was increased to $500,000 which this bond was representative of. Henry Zeigler and Charles W. Steinway are the issuers for the Astoria Homestead Company. Historic New York City and Steinway Piano connection important to the development of Long Island City and Queens New York.