The first written partnership agreement of Steinway & Sons reads: “From the first day of May 1856, William Steinway becomes and is partner of the Firm of Steinway & Sons, it being hereby understood and agreed, by the four partners Henry Steinway Sen., Charles Steinway, Henry Steinway, Jr., and William Steinway, that each of them is to receive one Fourth of the net profits of the business annually of an Inventory of the entire stock. Assets and liabilities of the business to be taken on the First day of January after the amounts drawn out by each respective partner for his own private account have been deducted therefrom, and Interest at the rate of Five per Centum paid or credited to each partner for his amount of capital, which he had invested in the business was ascertained and set forth in the statement of Inventory of accounts one year previous.” The document estimates the value of Steinway & Sons assets at $24,000 – four times as much as on the day the company’s inception three years prior.