The times., 1901-05-29
LOCAL FIRMS MAKE A DEAL
5. Kann, Sons & Co. and Saks d
Co. in Big Transaction.

The Latter to Devote Exclusive At
tention TO Mems Goods-The Form
er Secures the Smith building and
Stock-DcfafIs of the Agreement
one Of the largest commercial transac-
+ions. ever negotiated in this city has been
concluded between Saks q Co. and 3.
Kann. Sons & Co Papers were signed
late Monday night, by the terms OF Which
the firm of S Kann, Sons q co. secure
controI by purchase and lease OF the
-,,s+,r, section of the Saks stores, for
r,erIv- known as the Emmons S Smith
building. and all its contents. Actual
transfer Of the stock under the joint
agreement is delayed, pending an inven-
tory by both parties.
The deal is an immense one IN many
WAYS and is certain to have most I'M
portant bearing on the retail business Of
Washington. Its details are most inter
esting.
Saks & Co, on the one hand, have in
view a successful enterprise in New YORK
City. where they are about TO open IN
mense stores on Broadway. They nave
had this matter under consideration ioT
a year or more. and plans for their estao-
lishment in the metropolis are now colIi-
plete That their local business might De
in perfect harmony with that or Ne"
york and other cities, and that mutual
advantage rather than conflict OF IDEAS
might be brought about with 5. kann,
Sons & Co. whose establishment adjoins
Saks & Co. on Market Space northwest,
a suggestion from a representative Of the
former firm involving q transfer OF por-
lions of his stock was finally agreed TO
by Mr.. Saks.
Nfver Cohen. of Wolf & Cohen, lawyers,
is understood to have originated the plan
for the deal Acting as the representative
of s. Kann, Sons & Co, he drew up the
papers in the transaction, after several
interviews with both parties TO the agree
ruent. These papers were submitted sew
eral DAYS ago and At 4 final meeting Of
sIr. Saks and Messrs. S. hann, Sons *
Co, at Il o'clock Monday night were
signed by the parties in interest Judge
Cole was present in behalf of Saks & Co.
at the final interview 1t is interesting to
note that the entire time consumed IN the
deal embraced less than ten days, ana
that only three interviews were necessary
to perfect 1t.
The terms of the transfer are that the
entire building leased by Saks * Co. from
Emmons 5. Smith. and formerly occu-
pied by the latter as a variety store, shall
be turned over to the Kann Company,
with all the stock contained IN It 1t is
agreed by the parties IN interest that Saks
x Co. shall relinquish their ladies' depart
ments, including cloakS and suits Of every
description; that they shall hereafter car
~ In stock only mems goods, with the
single exception Of ladies' shoes, and that
S kann, Sons & Co. shall give up the
following departments Of their establish
ments: BOYS clothing, photogra phic,
sporting goods, and men S furnishings.
nar u no q on n
business OF either kann & Co. or Saks
& Co. while the transfer of stock is being
made. Representatives Of the two firms
will begin TO take ar inventory OF all the
stock in the Emmons S. Smith building
today They Will also make an inventory
Of the goods in the several departments
now owned by kann & Co. which are to
be turned over to Saks < Co. This in
ventory, it is said, will occupy q large
number OF men from week to ten days.
The Smith building store. therefore, viii
be closed during this time.
In addition TO securing the Enmons 5.
Smith building, S. kann, Sons & Co. have
gathered in both by lease and purchase
other premises, including the corner OF
Eighth and D and running east on D
Street to the Lincoln National Bank.
1t is the intention Of S. Kann. Sons &
: Co. TO take possession Of the newly ac-
quired property at once and to extend
their establishment to the Emmons S.
Smith building on the east with despatch.
hann, Cons & Co dates back to
June. 1893. when that firm entered
was opened then by the firm on Market
Space, east Of Eighth Street, and short
ly afterward the transfer TO them of the
premises occupied by E G. Davis & Son
was announced. At the time of the ac-
tual transfer Of this property W. A
Pierce < Co. had succeeded Davis & Co.
In the management Of the business.
Not long afterWard ;. Kann. Sons & Co.
secured the premises adjoining their
building on the east, occupied by NJ.
Silverburg & Co The lease held by
george J. Johnson on building on Eighth
Street, adjoining the stores Of the firm,
and a second building still farther north,
owned BY J. q II. StrasbeTger, next
came under control Of S. Kann, Sons &
Co, few months after the former trans
fers. Gradually these premises were con-
verted to the uses of the firm and the
establishment extended to them
Lots belonging 20 the Mcpherson estate,
adjoining the Strasberger building on
Eighth Street, were next secured by the
firm. substantial three-story building
was erected on this property and the poll
cy Of growth and consequent extension
of quarters led to early use Of this strUc-
ture. In June, 1899, the business Of John
son & Luttrel, adjoining on the west
the Emmons S. Smith stores, was bought
out. The purchase Of the western Saks
store completes the story Of their expan-
sion to date.
saks & Co are making every prepara-
mems stores in the country. Their plans
have been formed for many years in ad-
vance, it might almost be said. as is
shown by the interesting fact that they
have already renewed the lease on their
building for ten years from 1900, the date
at which ii would have expired. When
the firm erected the building in 1854 a
lease was made for twenty years from
the owner, Jesse B. Wilson the President
of the Lincoln National Bank. The agree
ment was that Saks & Co. should erect
a fine structure. to cost a certain amount,
and that they might occupy the property
for the twenty years Of the lease in con
sideration for which the building should
become the property Of Mr.. Wilson when
the lease expired.
A year or two ago the firm began to
consider the question OF renewing the
lease and finally accomplished this move,
although there were two or more other
parties bidding for IL at the time. One
of these parties was large New York
financial institution, II is said. which
hoped to obtain the corner for q Washing
ton trust company.
Saks d Co. intend making extensive
alterations and repairs I'm their building
before the coming autumn
Entire Estate Left to Wife.