New York Times publishes Charles H. Steinway’s statement referring to his late uncle William Steinway’s possessions, that the “appreciation of properties may result in a valuation of $1,000,000”. In the article Charles H. Steinway also provides details of what specific parts of his late uncle William Steinway property and businesses have been so far liquidated. For example, as mentioned in the article, William Steinway’s East River Tunnel enterprise has been sold to August Belmont, Jr. (a horse breeder, an inventor of the spiked track shoes for runners, a financier of New York’s first underground railway system, and the future Major of the United States Army Air Service) for $100,000. The sale of William Steinway’s 8,023 Steinway & Sons shares and the real estate property of his Astoria Homestead Company will ultimately save Steinway & Sons.