The Birmingham age-herald., 1915-05-29

made by President Wilson to the dele. gates. in which there was intimation that unless private capital perfects an ade. quate merchant marine, the government
 would undertake this work. MT. Wander | lip would have said that the first essen tial for the establishment of a merchant marine is trade. He has at another time said this. A confidential agent Of the state department under Secretary Knox, who was occupied for the year in investi- gating for the state department the con d1tions of our trade with South America
 reported that the difficulty abou. main- taining steamship lines lay in the fact that there were not sufficient cargoes, es- pecially from the United States .o South America, to make an investment of that Kind commercially practicable MT. Will liam M. Twins, recently conspicuous as leading counsel for William Barnes. Jr., in the Roosevelt libel suit some yenrs ago worked out admirably a plan for cre- ating and maintaining regular steamship service between the United States and South America All that was lacking 70 make this plan successful was tra ie MT. Vanderlip and others, through the es- tablishment of branch banks ir South America and by the cultivation of en- larged trade relations, are likely to pro- vide trade which will surely be followed by adequate shipping facilities. First of dli, we Iiiuot 6ct lut lIdut, then the snip ping will take care of itself in one way or another when that trade is secured.
 c. F. Southmayd's Estate
 The estimate of some Who were intimate friends of the late Charles F. SoIthmoyd of the amount of his estate as about 8 COG. GOO, is shown by recent probate pro- ceedings to have been substantially cor rect. Mir. Southmayd accumulated much the greater part of his fortune through his income as partner of the law firm of which William M. Evarts was the head, and Joseph H. Choate one of tho mem bers. Mir. Southmayd's career Is often used to illustrate the fact that some who were acknowledged by lawyers to pos- sess unsurpa ssed legal ability and pro- found mastery of the science and history of the bar, were men whose names the public was unfamiliar with. It las be en a common saying among lawyers that some of the ablest briefs submitted 70 tbe supreme court at Washington were really prepared by MT. Southmayd He is known to have prepared the brief upon which the supreme court chiefly based it's opinion that the income tax law of 1894 was unconstitutional
 One of the schedules in the inventory of the estate sets forth that $h000,0 coo of government per cent bonds constitu ed one third of the estate and $5O0.0o0 of per cent bonds IS also part Of the estate. That is to say, that one-half of Mr.
 Sonuthmayds estate is in government bonds. This is the first authentic reve- lation of characteristic and almost ec- centric feature of MT. Southmayd's ca rcer. As a lawyer he had become so familiar with various phases of corporal-cn life that he deemed it expedient to invest most of his income in government. bonds. He did not mind the relatively meagre interest. Ills income was sufficient for him, and after having bought block of government bonds he was able to give the investment no further thought The bonds were secure in his safe deposit vault and the government paid the in terest with promptness. Furthermore, the securities were untaxabe and in times of panic or great emergency MT. South mayd did not share the anxiety which he knew some of his friends were almost overwhelmed with. His life was in his profession and in his books.