Minutes of the Board of Trustees indicate that Steinway & Sons have taken two mortgages on the New York Park Avenue factory and Steinway Hall, to the amount of $275,000, at 5% interest. The money is used for payrolls to support Steinway & Sons dealers, including “Lyon, Potter & Company” in Chicago, actually owned by Steinway family, as well as other Steinway-owned stores in St. Louis and Philadelphia.