In 1870 the B&ML needed to raise additional capital to complete construction of the line. Instead of assessing all of the outstanding stock for the funds (as was provided for in the company's 1867 charter), the Company instead offered to holders of preferred stock this unusual “dual security” which permitted them to combine each share of their stock with a $100 Second Mortgage Bond paying interest at a rate of 6% anually. Attached to the Bond were one hundred numbered clipable coupons which sere redeemable semi-anually for $3.00 each.

Photographed by Bruce Cooper, October 5, 2014.
Added to the photo archive by Bruce Cooper, October 5, 2014.
Railroad: Belfast & Moosehead Lake.

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