The times., 1898-05-20
HIS FORTUNE DISAPPEARS.
Steinway, the Great Piano Man,
Died a bankrupt.

New York, May 19-William Stein
turer and reputed multimillionaire,
is now said to have left an estate so
seriously encumbered that there is
doubt whether it will suffice to satisfy
all the claims against it.
Not very long before Mr.. Steinway's
death, which occurred on December 5,
1886. he boasted that he believed him
self to be worth in the neighborhood
of $l3, COO, 900. Now his creditors are
scrambling for the wreck of that vast
estate, which, according to general be-
lief. will lack much of satisfying all
the claims against it.
There is a wide diversity of opinion
as TO the causes for this disappearance
of a vast fortune. On the part of those
who make no secret of their lack of
respect for the memory of William
Steinway it is openly alleged that he
alone was to blame. 1t is even charg-
ed that during the latter years of his
life he was beset by requests for as
sistance, made for the most part by
women of the operate and theatrical
world
1t is said that so great were his
financial straits, owing to this constant
drain on his resources, that he even
stopped TO borrow small sums from
friends, and even from needy artists.
in order to satisfy the demands made
upon him.
On the other hand, 1t is asserted
by those who knew him we'll, that g.
great-hearted generosity that forbade
him to refuse an appeal for assistance
was the true cause OF his financial dis
asters
The charge that he received money
for which no accounting was made is
explained by the statement that he
was often called upon to receive and
| invest the savings of artists, teachers
of music and others. who had learned
to look upon Steinway as a man not
only to be implicitly trusted, but as
one who could be depended on TO place
| their investments to the best possible
advantage.
While they admit that all these
funds may never have been accounted
for, they say that with all his expert
ence Steinway was never a thorough
tentions We're of the purest and best
his designs often failed of execution
There had been rumors that all was
not well with Steinwey when several
years ago it was stated that he had
placed mortgage on Steinway Hall,
but there was no hint of the extent of
his ruin until very recently, when
| claims made on the executors of his
estate We're found to remain unsatis-
| fed
Among other creditors of the estate
! George Ehret, the brewer, is said to
| have loaned Mr.. Steinway about $751;
| 600, and Herman Ridder has claim of
-S45, ,000 E51.
1t is also said that no accounting
( had been made Of $4,000 given by Ig-
natz PaderewsR to Mr.. Steinway for a
| musical scholar.
! Heinrich Gonreids manager of the
! Irving Place Theater, spoke in terms
of warm admiration of Mr. Steinway,
| but made no. secret of his belief that
the estate was badly involved.
| He also spokeyI of the prodigality
with which MIR. Steinway relieved the
necessities of needy artists, and said
! that once Mr.. Steinway had told him
that he estimated his benefactions in
| this direction at not less than S100, 900
a year. $3.50
William Steinway was born in See
sep,i Brunswick, Germany, and came
to this country with his father, who
festablished a little piano factory on
Walker Street, which gradually ex-
tended into the great concern of Stein
way & Sons.