Mr. Warburg—“Well, inasmuch as my answer there might be a criticism of my firm, I would beg to be excused, and I would leave it to the committee to draw its own conclusions....”
In examining Mr. Warburg about the handling of $100,000,000 Southern Pacific securities, the same difficulty was experienced; Mr. Warburg objected, “but we are getting here again into the transactions of my firm!”
To which Senator Bristow retorted—“Ah! but when you participated in the profits of the transaction, is it not a part of your business life?”
Mr. Warburg—“Certainly it is a part of my business life, and there is no reason why I should not be proud of it. But as a matter of principle I think we should not get into a discussion of the business of my firm.”
Senator Bristow—“I am discussing your business.”
Mr. Warburg—“No, you are discussing the firm’s business.”
Senator Bristow—“Did you get any of the profits that came from the handling of this $100,000,000?”
Mr. Warburg—“You may take it that whatever my firm did I got my profits—my share in the profits.”
Senator Bristow—“Your share in the profits. Now, without being specific, I take it for granted that this was quite material; that that was quite a material interest in size; that is, that you are one of the important members of the firm.”
Mr. Warburg—“I am one of the important members of the firm.”