[DESCRIPTION]   Selected Consolidated Financial Data

<TABLE>
<CAPTION>


                    SELECTED CONSOLIDATED FINANCIAL DATA

Years ended December 31          1996          1995           1994
                                 _____________  _____________  _____________
<S>                              <C>            <C>            <C>

Total operating revenue        $ 2,276,801.00   1,871,467.00   1,091,949.00

Net Earnings                     790,090.00     830,662.00    469,414.00
Net Earnings per common share    2.13           2.22           1.26
Cash dividends per common share  1.85           1.85           1.00
Total Assets                   $ 11,037,478.00  11,181,546.00  10,741,690.00
</TABLE>
<TABLE>
<CAPTION
Years ended December 31          1993           1992
                                 _____________  _____________
<S>                              <C>            <C>

Total operating revenue        $ 729,379.00     525,595.00

Net Earnings                     453,993.00     489,719.00
Net Earnings per common share    1.22           1.31
Cash dividends per common share  1.00           1.50
Total Assets                   $ 10,691,097.00  10,583,109.00
</TABLE>



<PAGE>
[DESCRIPTION]   Management's Discussion and Analysis

       MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION
                        & RESULTS OF OPERATIONS


There was no significant change in the financial condition of the Company
during 1996, 1995, or 1994, and it continues very strong.  The liquidity of the
Company continues to be high.

Revenue from oil and gas royalties was up approximately 69% in 1996 over 1995,
but was slightly lower in 1995 than in 1994.  The reasons for the increase in
1996 were greater production and somewhat higher oil prices, while the decrease
in 1995 from 1994 was due to lower gas prices and slightly lower production.
Revenue from oil and other mineral lease rentals and bonuses was down
significantly in 1996 from 1995, while 1995 and 1996 were both higher than
1994. Revenue from this source was very high in 1995 due to bonuses from four
new leases made in 1995, including one fairly sizeable lease on a portion of
the Company's Texas property.  Also included in revenue from this source during
1995 were substantial rental payments received in 1995 for a lease extension
entered into with respect to certain of the Company's property in Vernon
Parish, Louisiana.  Fewer new leases were entered into in 1996 and 1994 than in
1995. As described in note 10 to the accompanying consolidated financial
statements, the above components along with coal royalties, are characterized
as part of the Energy Business Segment and as described in more detail in note
10, operating income from that segment increased substantially in 1996 over
1995 and 1994.

Included in revenue for 1996, 1995 and 1994 was income from food sales which
increased substantially in 1996 over 1995 and in 1995 over 1994.  These
revenues resulted from the operation of Beekman's Deli Systems, Limited
Liability Company, a limited liability company in which the Company is a
majority member (hereinafter "Beekman's").  Only one fast food bagel and
delicatessen facility was in operation in early 1994 (that being the one in
Athens, Ohio), with a second facility (located in Columbus, Ohio) being opened
in the third quarter of 1994, and a third facility (located in State College,
Pennsylvania) opening in the third quarter of 1995, and a fourth facility being
opened in May of 1996 in an area of San Diego, California known as Pacific
Beach.  The increased number of facilities in operation primarily accounts for
the increased revenue in the current periods, over the earlier periods under
comparison.  The results of operation of the Pacific Beach location have been
disappointing and it is scheduled to be closed upon termination of the Lease as
of March 31, 1997.  New locations continue to be under investigation, but there
are no specific plans for new facilities at this time.

Revenue from investment income was down somewhat in 1996 from 1995 and was
higher in 1995 than 1994.  The decrease in 1996 was due to a somewhat lower
rate of return on investments, and a slightly smaller amount of funds being
invested while both the rate of return and amount of funds invested were higher
in 1995 than in 1994.  Revenue from gain on sale of real estate was down
substantially in 1996 from 1995 and 1995 was higher than 1994.  This reflects
the sale of more surface real estate in 1995 than in either 1996 or 1994.  Also
contained in this category was a gain from the sale of timber on certain of the
Company's real properties in 1995 which did not occur in either 1996 or 1994.

Included in operating expenses are cost of food sales and food operations.
Both occur in connection with the fast-food bagel and delicatessen business now
being conducted by Beekman's as discussed above.  The primary reason for the
increased amount of expenditures in these categories in 1996 over 1995 and 1995
over 1994 is the same as explained above in connection with revenue from this
operation, that during the earlier periods under comparison there were fewer
facilities in operation than in the more recent periods.

Also contributing to the increased operating expenses in the current periods
were increased payments to outside service providers in connection with the
bagel and delicatessen business.  Contributing to the higher general and
administrative expenses in 1995 over both 1996 and 1994 were professional
expenses in connection with the successful resolution in 1995 of disputes with
the Missouri Department of Revenue regarding state income taxes for several
years.

In 1996 Congress passed and President Clinton signed legislation increasing the
minimum wage in two increments.  Since Beekman's employs a number of workers at
the prevailing minimum wage, an increase in labor expense is anticipated, but
at this time the Company is unable to predict the effect of this increase on
its net income from this operation.

Income taxes were somewhat lower in 1996 than in 1995 as a result of decreased
earnings before income taxes, while they were higher in 1995 than in 1994 due
to increased earnings before income taxes in 1995.  The effective tax rate in
1995 was lower than 1996 and 1994 due to a reduction of $75,000 in the
Company's estimated state income tax accrual as a result of the settlement with
the Missouri Department of Revenue described above.

Cash flows from operating activities were $257,417, $542,527 and $285,535 for
the years ended December 31, 1996, 1995 and 1994, respectively.  The decrease
in 1996 compared to 1995 is principally attributable to the timing of federal
and state income tax payments and tax refunds received in 1995.  The increase
in 1995 compared to 1994 is principally attributable to tax payments and lower
net earnings in 1994.

Cash flows from investing activities provided cash of $1,277,922 in 1996 and
used cash of $684,472 and $52,268 in 1995 and 1994, respectively.  The changes
between years principally reflect the differences in the amount of proceeds
from matured/called investment debt securities which were reinvested.  In
addition, 1995 reflects higher capital expenditures related to the retail food
operations.  Significant uses of the excess proceeds over the amounts
reinvested in debt securities in 1996 included the payment of dividends of
$686,475, the purchase of common stock for treasury of $261,331 and an increase
in cash and cash equivalents.

Because of the nature of the Company's businesses, inflation has little impact
on its expenses.  It is not anticipated that changes in the price of coal will
have much impact on the income of the Company because of continuing low
activity of coal extraction and because the Company's existing coal leases have
fixed prices per ton and are not affected by market changes.  Substantially
increased prices could cause an increase in the amount of coal mined, however.
As is indicated in the discussion above concerning revenue from oil and gas
royalties, changes in the price of oil do have an impact on the income of the
Company.  Other than the possible impact of the increase of minimum wage
discussed above, it is not anticipated that in the foreseeable future inflation
will have an impact on the income or expenses of the fast-food bagel and
delicatessen business.

Although it has been previously anticipated that the fast-food bagel and
delicatessen business would be expanded into additional new locations, the
operating results of this venture have been mixed, and the Company is
rethinking its strategy.  The initial two locations operate profitably, but
overall profitability has not been achieved, and the Company may not follow
through with the anticipated expansion.

In addition to reevaluating the direction of the fast-food bagel and
delicatessen business as described above, the Company does continue to actively
seek and evaluate other business opportunities which would result in a more
productive deployment of its assets and ultimately increase earnings.
Management continues to aggressively pursue development of increased income
from its oil and gas and coal properties and to attempt to lease more of its
mineral properties in order to generate more rental, bonus and royalty income.
During 1995 two significant new oil leases were entered into, one on the
Company's Walker County, Texas property and the other on its Arkansas property,
together generating an aggregate of approximately $330,000 in bonus income, and
a lease extension was entered into with respect to property in Vernon Parish,
Louisiana which generated in excess of $90,000 in bonus and rental income in
1995.  Three new leases were made in 1996 generating bonus income, including a
methane gas lease which was entered into with respect to certain of the
Company's real property in Sebastian County, Arkansas which generated a
sizeable bonus which was received in early 1996.  An additional rental payment
was received later in the year in 1996.

The Company's dividends per share was $1.85 in 1996 and the same amount in
1995, compared to a $1.00 per share in 1994.


<PAGE>
[DESCRIPTION]   Market for Registrant's Common Equity


     The common stock of Central Coal & Coke Corporation is traded over the
counter. The approximate number of stockholders of the Company's common
stock at December 31, 1996 was 530. The range of bid and asked quotations
and the dividends paid on such securities for each quarterly period during
the Company's two most recent years are as follows:

<TABLE>
<CAPTION>
                                               1996
                               Bid              Asked          Dividends
                           Low     High      Low     High      Per Share
                           _____   _____     _____   _____     _________
<S>                        <C>     <C>       <C>     <C>       <C>
1st Quarter              $ 30.00   30.50      .00     .00    $  .00
2nd Quarter                30.00   30.50      .00     .00       .25
3rd Quarter                31.00   32.00      .00     .00       .00
4th Quarter                30.25   31.00      .00     .00      1.60

For Year                 $ 30.25   31.00      .00     .00    $ 1.85
</TABLE>
<TABLE>
<CAPTION>
                                               1995
                               Bid              Asked          Dividends
                           Low     High      Low     High      Per Share
                           _____   _____     _____   _____     _________
<S>                        <C>     <C>       <C>     <C>       <C>
1st Quarter              $ 27.00   28.50      .00     .00    $  .00
2nd Quarter                27.50   29.00      .00     .00       .25
3rd Quarter                28.00   30.00      .00     .00       .00
4th Quarter                28.00   33.00      .00     .00      1.60

For Year                 $ 27.00   33.00      .00     .00    $ 1.85
</TABLE>