The Compagnie des Chemins de Fer du Sud-Ouest, a public limited company guaranteed by the departments of Haute-Garonne, Gers and Ariège with State participation, operated secondary lines linking Toulouse to its rural region at the beginning of the 20th century. With a share capital of four million francs divided into 8,000 shares of 500 francs each, its registered office was in Toulouse, with the administrative office in Paris.

This Bearer Dividend Right Share, created in accordance with article 53 of the articles of association, was issued in Paris in 1923 under number 060.058. It is printed in salmon-pink by the Imprimeries Réunies de Nancy-Paris, in a sophisticated Belle Époque border: columns, coats of arms, a central vignette depicting a coal-fired steam locomotive. French text, two directors' signatures in pen, official dry seal. The piece shows some fold marks and light wear on the edges, but remains very legible and decorative. An authentic document of historical interest for enthusiasts of French secondary railways and regional scripophily of the Southwest.