Subseries one contains annual reports which detail the operational and financial health of Southern Railway. Each annual report includes a system map of the railway during the year of operation, a list of the board of directors, a list of the system officers, and tables detailing the financial earnings and expenses. Some also included reports of operation to the stockholders and reports of operation and physical conditions of Southern Railway properties to the president. Reports of operation to the stockholders include information about income, profit and loss, equipment on hand, addition of properties acquired, and new industries. Reports of operation and physical conditions of Southern Railway properties include information about miles of road operated, maintenance of property, shops and machinery, industrial growth, and train service. Reports include earnings and expense tables prepared by the comptroller that include information on funded debt, traffic statistics, freight statistics, mileage of locomotives and cars, inventory of equipment, corporate surplus, bonds issued, and balance sheets.

Subseries two contains inspection trip booklets for Southern Railway, Norfolk Southern, and some Southern Railway System joint inspection trips. Inspection trips were weeklong tours taken by the board of directors, system officers, and additional guests such as financial executives, stockholders, and analysts. These trips highlighted railway routes that showcase cities of interest, shops, yards, factories, and crossing junctions of railroad companies. The inspection trip booklets include lists of guests from railroad companies not owned or operated by Southern Railway, a list of directors of Southern Railway and select directors from subsidiaries, such as Alabama Great Southern Railroad; Georgia Southern and Florida Railway; Mobile and Ohio Railroad; and Cincinnati, New Orleans, and Texas Pacific Railway. Included in the booklets are lists of system officers of Southern Railway and system officers of their subsidiaries that joined tours while in their respective regions. Additionally, the inspection trip booklets include itemized schedules of the trips, some descriptions, images, and maps of cities visited and descriptions of Southern Railway properties.