Show fer per ur i f 1 l' l J 1 a- a 1 J 1 J. J I. I 1 t 4 I p I I t. t I. I I 4 r t c i 2 5 i. i t c 1 r. r I I 2 Southern Railway Company j. j I iJ f 1 fl t el f Year Three-Year 6 Q Secured Secure Gold Notes I O td March 1 I. I 1919 Due March lIach I 1 1922 t 1 v t Total authorized issue issue i. 2 j i. i 7 7 Interest payable March 1 and September 1 in n New York and Chi Chicago ago Redeemable in whole or in part pat lat l at the option of the Company at and accrued interest upon sixty sixt 60 days days' published notice notie jilt Coupon notes in denominations of 1000 1 each which may be registered as a to to I. I principal or or exchanged for fully registered ered notes which will wi be available in denominations of 1000 reg and 1 I 1 l OT IT p. I f From a letter leler to us u. u from Fairfax Fair Ha Harrison Esq Eq President of j the Southern R Railway lua Company we w summarize the Mc the f security of this Ibis issue as follows These notes will wl be a direct obligation of the Southern Railway Company and are arc to be secured by deposit with the Continental and Commercial Trust and Savings Bank Chicago i- i a as Trustee of 43 par value Southern Railway Company Development and Genera General Gen Gen- era eral Mortgage 4 40 bonds which are secured by a general mortgage on practically the entire property of the COIlan Company i The proceeds of this note issue will wil be applied toward the retirement of the 1 year Two 5 Gold Notes maturing March 2 secured by the same lame I collateral which will wil be pledged for this issue isue In the ten and one half years ended December 31 1917 the surplus earnings of the Southern Railway Company over all ni charges for interest t and rentals aggregated During this period the Company di distributed in cash dividends divi divi- I the remaining being devoted to the improvement of the property properLy i f. f and to sten strengthening thening the C Company's I In n fin financial pOli ion Under Federal control during the calen calendar ar year 19 1918 8 the railway operating income as reported by the Un United d t. t d States Railroad administration was 2929 The basic basc standard return to the Company under the ral control act is subject to the Company's pending claims for r allowances in excess of this figure Other income for last year is estimated at After providing for estimated fixed charges and war taxes for the y year year ar 1918 aggregating tho the Company also retired equipment trust obligations amounting to Under private ownership for five and a half years yeas ended December 31 1917 the balance after payment of all interest charges and rentals averaged For the 1 year ended ende December 31 al 1917 the balance after payment of all al interest charges and I A. A rentals amounted to L 4 I I f m p I i Y t rj i 44 n t tm Dialled urd S Subject to Prior Sale soil c Adut In hi Price S J nl ml ni-c ni Offered Ir If I ie r 1 s 1 1 t h P PRICE INTEREST YIELDING SLIGHTLY OVER 6 63 U 3 99 AND y 4 t. t r 4 4 l J C t 1 1 J. J H mU 1 herein are official or Ot based on OD information which wn t regard u as End and while bile we e e do not guarantee them a 1 thc they arc are the data upon which we e hue have acted in in trio the purchase ie of tint thi security I t. t 4 t. t Continental and Commercial Halsey Stuart Co Inc I t IDe t. t fc Trust and Savings Bank Chicago chica New Y York k m r. r Chicago I a 6 |