New-York tribune., 1918-09-19

!
out of the profits.
The agreement further provides that
no interest was to be paid that the
principal could be repaid at any time,
that the agreement should not be con-
sidered as giving Mr.. Fiegenspan or his
associates any interest in the newspa-
per and that should the paper be sold
at any time Mr. Brisbane would repay
up to the full amount Of the principal
any sums received from the sale Of the
newspaper.
Mr.. Brisbane said that the offer of
the loan without interest was not ac-
cepted and that the principal of S575,-
900, the full amount borrowed, and the
interest would be paid
Brisbane Tells of Sale
To-day in "The Times" Mr.. Brisbane
publishes an editorial statement that
to buy "The Times" he borrowed s375,-
900 through loan arranged for him by
c. W. Feigcnspan, brewer and presi-
dent of the Federal Trust Company, of
Newark, n j.. and the further state
ment that he still owes Mr.. Munsey
s25ooOo.
Mr.. Brisbane's editorial statement
follows:
&C. T. Brainard manages Harper
& Bros for J. Pierpont Morgan, the
owner.
"He manages and edits The Wash
ington Herald with brlliancy and
success punctuated during the last
year and a half by unsuccessful ef-
forts to sell the paper to me.
"Mr. Brainard's WASHINGTON Her
ald' expresses interest in the owner
ship Of The Washington Times and
wants to know if it is owned by the
brewers.
"Mr. Brainard will not resent the
statement that a question coming from
him would ordinarily deserve little
attention. But his questions may in
terest others. Here are the facts:
"'The Washington Times is 100
per cent my property.
at was purchased from Frank A.
Munsey for S5OO,OOO, of which sum
as has been previously stated in this
column S250,00O is still due Mr..
Munsey. And he holds in his pos
session the entire stock of The
Washington Times as security for
the payment of the balance of pur-
chase money due him.
"To buy The Times and put a
losing property on paying basis I
required approximately half million
dollars.
&C. W. Feigenspan, president of
the Federal Trust Company, of New
ark, n j., is friend of mine and
brewer AS every newspaper editor
IN the country knows, I have. for
more than twenty years advocated as
temperance measure the suppress
sion of the whskey traffic and the en-
couragement of light wine and light
beer.
"At my request Mr.. Feigenspan
agreed that he would arrange for me
loan of 100000. 1t turned out
that ] required a less amount; S375.-
600 was sufficient for the expense
involved in putting The Washington
Times on paying basis
This amount | borrowed from Mr..
Fclgcnspan between June. 1917. and
November, 1917 And the money. in
due course, will be repaid with in
torest.
"lf have any further reply to
make to Mr.. Brainard | will make t
to Mr.. Morgan, who owns Mr. Brain
ard, or to Mr.. II. p Dawson, who
manages Mr.. Morgan"
c. W. Feigenspan, the Newark
brewer, was informed last night that
Arthur Brisbane in Washington had
acknowledged he had borrowed S375 600
from him.
In answer to the question why he
loaned Mr.. Brisbane such an amount
and on what kind o. security, Mr.
Feigenspan replied:
Il have nothing to say"
Mr.. Fegenspan was born in Newark
forty years ago. the son of an Ameri-
fntl