Peabody Coal Company
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Product Details
Peabody Coal Company
Certificate Type
Common Stock
Date Issued
December 28, 1956
Canceled
Yes
Printer
American Bank Note Company
Signatures
Machine printed
Approximate Size
12" (w) by 8" (h)
Additional Details
There is a 1" fold split at the lower left side
Historical Context
The Peabody Coal Company was founded as Peabody, Daniels & Company in 1883 by Francis Peabody, the son of a prominent Chicago lawyer, and a partner. The company bought coal from established mines and sold it to homes and businesses in the Chicago area.
In the late 1880s, Francis Peabody bought out his partner's share of the business and the company was incorporated in the state of Illinois under the name Peabody Coal Company in 1890. In 1895, it began operations of its first mine in Williamson County, Illinois and later expanded its operations in Illinois. In 1913, the company won its first long-term contract to supply Chicago Edison Company, the predecessor to utility Commonwealth Edison. The company's growth continued after World War I and the corporation went public for the first time in 1929 with a listing on the Midwest Stock Exchange and in 1949, was listed on the New York Stock Exchange.
Despite being ranked eighth among the country's top coal producers in the mid-1950s, Peabody began to lose market share to companies operating cost-efficient surface mining operations. To address the situation, it entered into merger talks with Sinclair Coal Company. A merger between the two companies occurred in 1955, resulting in the transfer of Peabody's headquarters to St. Louis, Missouri. The merged company retained the Peabody name. Under the leadership of chairman Russell Kelce, the company expanded production and sales.
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Additional Information
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