And that, of course, in Mr. Warburg’s mind, is not only “dangerous,” but “fatal.”
Mr. Warburg had almost his whole will in the matter. And what is the result?
Turn to the testimony of Bernard M. Baruch, when he was examined with reference to the charge that certain men close to President Wilson had profited to the extent of $60,000,000 on stock market operations which they entered into on the strength of advance information of what the President was to say in his next war note—the famous “leak” investigation, as it was called; one of the several investigations in which Mr. Baruch was closely questioned.
In that investigation Mr. Baruch was laboring to show that he had not been in telephone communication with Washington, especially with certain men who were supposed to have shared the profits of the deals. The time was December, 1916. Mr. Warburg was then safely settled on the Federal Reserve Board, which he had kept quite safe from Government intrusion.
The Chairman—“Of course the records of the telephone company here, the slips, will show the persons with whom you talked.”
Mr. Baruch—“Do you wish me to say, sir? I will state who they are.”
The Chairman—“Yes, I think you might.”
Mr. Baruch—“I called up two persons; one, Mr. Warburg, whom I did not get, and one, Secretary McAdoo, whom I did get—both in reference to the same matter. Would you like to know the matter?”
The Chairman—“Yes, I think it is fair that you should state it.”