This certificate for 48 cumulative preferred shares of the Saguenay Pulp and Power Company illustrates the sophisticated financial structure of this Quebec industrial company. Cumulative Preferred Stock gave investors a dividend guarantee: if the company did not pay the dividend in a given year, the arrears accumulated and had to be settled before any payment to common shareholders. This structure was particularly appreciated by institutional investors and savers seeking a secure income. The unusually precise number of 48 shares (rather than a round number) suggests it could be a purchase resulting from a conversion or a fractional allotment.