Reflecting the transactions consummated July 15, 1948, and giving effect to the following proposed transactions: (1) the write-down of Southern's investment in its subsidiaries to underlying book value as of January 1, 1948 and (2) the sale of 1,000,000 shares of Southern's common stock to Commonwealth for $10,000, 000 and the purchase by Southern of 30,000 shares of the common stock of Alabama for $3,000,000 and 250,000 shares of the common stock of Georgia for $4,000,000. CURRENT ASSETS: Cash U. S. Government securities, at cost or current redemption value |