Senator Bristow—“Yes. I understood you to say Saturday that you were a Republican, but when Mr. Roosevelt became a candidate, _you then became a sympathizer with Mr. Wilson and supported him_?” Mr. Warburg—“_Yes._” Senator Bristow—“_While your brother was supporting Mr. Taft?_” Mr. Warburg—“_Yes._” Senator Bristow—“_And I was interested to know whether any member of your firm supported Mr. Roosevelt._” Mr. Warburg—“_It is a matter of record that there are._” Senator Bristow—“_That there are some of them who did?_” Mr. Warburg—“_Oh, yes._” Senator Bristow—“Will you please indicate—or do you care to indicate—what members of your firm supported Mr. Roosevelt in that campaign?” Mr. Warburg—“No, sir; I shall have to go on the principle that I cannot disclose the business of a member of my firm.” The result was this: that in a three-cornered fight between three candidates, Roosevelt, Taft and Wilson, the men who constituted the firm of Kuhn, Loeb & Company, chief Jewish financial institution of the United States, distributed their support among all three. Schiff for Wilson; Felix Warburg for Taft; and an unknown for Roosevelt—was that unknown Mr. Kahn? In any case, Wilson won, and the above examination relates to a member of the firm of Kuhn, Loeb & Company receiving an important appointment which gave him large power over the finances of the United States. The point of not discussing the affairs of Kuhn, Loeb & Company was frequently made by Mr. Warburg. “I cannot discuss the affairs of the firm nor my partners, nor be asked to criticize acts of my partners, either to approve them or in any other way. I would like to say that before we come to the point where I would feel that I should not answer any question,” said Mr. Warburg. The principle of this objection was conceded by the Senate Committee, but that it ought to serve as a blanket injunction against a number of pertinent inquiries was doubted. Senator Bristow—“But you are a partner in this firm, and have you not had something to do with its operations and its management?” Mr. Warburg—“Yes.” Senator Bristow—“Does that not go to show your general views and practices as a financier and as a citizen and as a business man?” Mr. Warburg—“Yes; but you have got to take them individually.... I cannot permit my firm to be drawn into this discussion.” Senator Bristow—“But how can you divest yourself from your firm when you have been one of the managers of the firm?” Mr. Warburg—“I shall divest myself of the firm.” Senator Bristow—“If the firm has done something that I might think was improper—to illustrate, being called upon to say whether or not I approve your nomination to this responsible position—have I not a right to know what your attitude was in regard to that transaction which your firm performed?”