Washington, DC 20549
             Under the Securities Exchange Act of 1934
                         (Amendment No. 0)
                       THE PITTSTON COMPANY
                         (Name of Issuer)
                  (Title of Class of Securities)
                          (CUSIP Number)

1)   Name of Reporting Person           National Rural Electric Cooperative

     S.S. or I.R.S. Identification      53-0116145     
     No. of Above Person                    

2)   Check the Appropriate Box          N/A
     if a Member of a Group

3)   SEC Use Only

4)   Citizenship or Place of            Arlington, VA

     Number of                          5)   Sole Voting Power        675,880
     Beneficially Owned                 6)   Shared Voting Power      0       
     by Each Reporting
     Person With                        7)   Sole Dispositive Power   675,880

                                        8)   Shared Dispositive Power 0

9)   Aggregate Amount Bene-             675,880    
     ficially Owned by Each  
     Reporting Person

10)  Check Box if the Aggregate         N/A
     Amount in Row (9) Excludes
     Certain Shares

11)  Percent of Class Represented       8.0%
     by Amount in Row 9

12)  Type of Person Reporting           EP

Item 1 (a)     Name of Issuer


       (b)     Address of Issuer's Principal Executive Offices

            The Pittston Company
            100 First Stamford Place
            P.O. Box 120070
            Stamford, CT 06912-0070

Item 2 (a)     Name of Person Filing

            National Rural Electric Cooperative Association

       (b)     Address of Principal Business Office

            4301 Wilson Blvd.
            Arlington, VA 22203

       (c)     Citizenship

            Commonwealth of Virginia - National Rural Electric
            Cooperative                       Association

      (d)      Title of Class of Securities


      (e) CUSIP Number


Item 3    The person filing this statement pursuant to Rule 13d-
          1(b) or 13d-2(b) is:

           (f)   Employee Benefit Plan, Pension Fund which is
                 subject to the provisions of the Employee Retirement Income
                 Security Act of 1974 or Endowment Fund; see 240.13d-

Item 4    Ownership      

          (a)   Amount Beneficially Owned                        675,880

          (b)   Percent of Class                                 8.0% 

          (c)   Number of Shares as to which
                Such Person Has:

                 (i)   sole power to vote or to direct the vote       675,880
                (ii)   shared power to vote or to direct the vote     0
               (iii)   sole power to dispose or to direct the
                       disposition of                                 675,880
                (iv)   shared power to dispose or to direct the
                       disposition of                                 0

Item 5         Ownership of Five Percent or Less of a Class

               Not Applicable

Item 6         Ownership of More than Five Percent on Behalf of
               Another Person

               Not Applicable

Item 7         Identification and Classification of the Subsidiary
               Which Acquired the Security Being Reported on By
               the Parent Holding Company

               Not Applicable

Item 8         Identification and Classification of Members of the

               Not Applicable

Item 9         Notice of Dissolution of Group

               Not Applicable

Item 10        Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purposes or effect.


After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.

                          February 12, 1998

                          Peter R. Morris

                          Peter R. Morris,   Executive Director/Investments
                                Name and Title