ON THE COVER
Stock certificates representing stock that has been sold are filed in a "stock book" by Robert L. Lee, stock transfer clerk. This is one of many tasks per- formed in the office of the secretary, Southern Railway Company, New York City, by which records of Southern ownership and bond obligations are kept up to date.
Mr. Lee's service with the Southern extends back to 1920, when he began as relief agent-operator on the railway's Memphis division. He also worked as ticket agent at Sheffield, Ala., before transferring to the Southern's passenger traffic department at New York in 1925. Mr. Lee is now in his 25th year with the office of the secretary.