- In a letter to Steinway & Sons, dated with this day, Yamaha’s sales manager in America Everett Rowan proposes to sell Yamaha pianos through Steinway & Sons dealers. In exchange of Steinway & Sons approval of the proposal, Yamaha agrees to discourage the import and sale of Yamaha concert grand pianos in the United States, not to name any professional artist in Yamaha advertisements unless they purchased a Yamaha product, to keep Yamaha sales in the United States below 5% of American annual piano production, and not to decrease retail prices to Yamaha pianos, even if import tariff is lowered.
- Henry Z. Steinway rejects Everett Rowan’s proposal, knowing that Yamaha is aggressive in capturing European market, and having reasons to expect the same in America in the near future.