- Frederick A. Vietor persuades Theodore E. Steinway to hire a certified public accounting firm, Haskins & Sells, to inspect the company’s books and discover all the causes for all unnecessary losses. Haskins & Sells employee Karl Herrhammer, Vietor’s former cavalry comrade, is assigned to Steinway & Sons account.
- Theodore E. Steinway, motivated by Frederick A. Vietor, hires a team of efficiency experts from Robert Heller Associates, Cleveland, Ohio, to study Steinway & Sons and recommend possible improvements. (This decision will lead to major changes in the company in the next year.)