Senator Bristow—“Yes, I think the testimony and the report here show that you are the third important member—or the second, which is it?—of the firm.”
Mr. Warburg—“We are not numbered.”
Senator Bristow—“You are not; all right.”
Mr. Warburg—“There is Mr. Jacob H. Schiff who is the senior.”
Senator Bristow—“Yes.”
Mr. Warburg—“And the others rank very much alike.”
Senator Bristow—“Yes. We may take it for granted, then, that whatever profits accrued to your firm in the handling of this business here since you became a member of it, you participated in the profits as one of the partners?”
Mr. Warburg—“Yes, sir.”
Senator Bristow—“Yes. So I will assume then, of course, that you participated in the marketing of $113,000,000 of Union Pacific, and so on.”
The responsibilities of a member of the Federal Reserve Board, especially such a member as Paul M. Warburg would be (for