- Henry Z. Steinway reports in his memorandum to Robert G. Campbell that Steinway & Sons sales are at its peak in America and Europe, at nearly $10,000,000, yielding a pre-tax profit of $2,500,000. Despite the long strike in Hamburg, it’s the best year in the history Steinway & Sons business. It is almost certain that the durable value of Steinway & Sons product against the quickly devalued dollar drives the sales, motivating middle-class buyers to consider a purchase of a grand piano as a wise long-term investment.
- In the same memorandum, however, Henry Z. Steinway also writes of “increasing talk about good, old pianos, with the words “pre-CBS” coming in more and more.”