In order to raise the additional capital needed to complete construction of the line, in 1870 the B&ML offered to holders of preferred stock in the Company this unusual “dual security” which, in lieu of assessment, combined each share of stock with a $100 Second Mortgage Bond paying interest at a rate of 6% anually. Attached to the Bond are one hundred numbered clipable coupons, redeemable semi-anually for $3.00 each.
Courtesy Bruce C. Cooper Collection.
B&MLRR Preferred Stock Certificate, 1882. Courtesy Scripophily.com.