This 1 cent Executive Specimen is hard to explain for a couple of reasons. First, since the plate is inked with a roller prior to printing, how is it that the press operator didn't see the obvious lack of ink?
Possibly because of the 100 subject plate that the 1 cent Executive was printed from or because of Contimental B.N.Co's lack of experience, or just because of the tendency of the printing press to strech the paper, the size of the margins generally indicate the stamps position in the sheet. This stamp looks like it was in the middle right of the plate, which leaves approximately half of the sheet un-inked. Pretty hard not to notice that!
Even with part of the sheet not printed, this sheet was overprinted, so the stamps below this one ( that have uninked impressions ) were overprinted, which had to be a day or two later or the blue ink would blend with the carmine and become purple. That would be strike two for the press operators.
However this happened, another variety was created when the typeset plate was applied and thats the major Kiss at the top of the overprint.