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.” 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 it was recognized that because of his purpose and connections he would become a dominating factor), were very great, especially at the time when the appointment was being considered. They are as important now, of course, but in a different way; it is not now a question of military safety. This thought was evidently in the mind of the senators, as the following shows: