Pittston Co. - Specimen Stock Certificate
Inv# SE4103 Specimen Stock
Delaware
New York
Virginia
Specimen Stock printed by Security-Columbian Banknote Company. The Pittston Company is a multifaceted corporation engaged in coal mining, air-freight logistics, and security services. It originated as a coal enterprise in northeastern Pennsylvania and has since expanded its operations to include assets in Virginia, West Virginia, and Kentucky. The coal division of Pittston focuses on supplying low-sulfur coal to domestic utility firms and metallurgical coal, which is suitable for powering smelters and other metallurgical machinery, to both domestic and international steel manufacturers. Following World War II, Pittston diversified its portfolio by entering the security transportation sector through the acquisition of Brink's, Incorporated, and by establishing oil retail operations via its subsidiary, Metropolitan Petroleum Corporation. During the oil crisis of the 1970s, Pittston ramped up its coal production to satisfy the demand for alternative energy sources, although it encountered significant challenges in the 1980s due to declining oil prices and labor disputes that adversely affected its output. By 1991, Pittston began to recover from these setbacks, aided by a labor settlement in 1990 and the expansion of its security and air-freight services.
The Alleghany Corporation founded the Pittston Company in January 1930, in response to heightened competition in the hard-coal sector during the late 1920s and antitrust regulations that barred the Erie Railroad from entering new markets. To address this issue, Alleghany established Pittston and offered its shares at $20 each to Erie Railroad shareholders, while maintaining a controlling stake in the company, with the Van Sweringen brothers continuing to manage Pittston. Subsequently, Pittston leased mines from the Erie Railroad and marketed its coal through its own wholesale and retail subsidiaries. At its inception, Pittston also acquired the United States Distributing Corporation, a holding company that owned United States Trucking Corporation, Independent Warehouses, Inc., Pattison & Bowns, Inc. (a wholesale coal distributor), and a mining company based in Wyoming.
Stock and Bond Specimens are made and usually retained by a printer as a record of the contract with a client, generally with manuscript contract notes such as the quantity printed. Specimens are sometimes produced for use by the printing company's sales team as examples of the firm�s products. These are usually marked "Specimen" and have no serial numbers.
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