- Steinway & Sons trustees decide to start putting certain percentage of the yearly profits to the accounts called “Undivided profit” and “Sinking fund”. (In the course of the first decade of the new century, every year $70,000 to $250,000 will be placed to each of these accounts. This policy will eventually save the company during the Great Depression.)
- Steinway & Sons’ president Charles H. Steinway opens a showroom at the new Windsor Arcade on 5th Avenue and 46th Street – on the site of the former Windsor hotel, in which Ignacy Jan Paderewski stayed during his first American concert tour.