UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

                             __________________


                                  FORM 10-K

          [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934

                 For the Fiscal Year Ended December 31, 2000


                         Commission File No. 0-1392

                       CENTRAL NATURAL RESOURCES, INC.
            (Exact name of registrant as specified in its charter)
            (Formerly Central Coal & Coke Corporation-name change
             at December 31, 2000)

<TABLE>
<S>                                                     <C>
    Delaware                                                     44-0196290
__________________                                       __________________
(State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                       Identification No.)

127 West 10th Street, Suite 666, Kansas City, Missouri                64105
______________________________________________________                _____
(Address of Principal Executive Offices)                         (Zip Code)
</TABLE>

 Registrant's telephone number, including area code:   816/842-2430
                                                       ____________

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

<TABLE>
<CAPTION>
                                                   NAME OF EACH EXCHANGE ON
TITLE OF EACH CLASS                                        WHICH REGISTERED
___________________                                ________________________
<S>                                                <C>
          None                                             None
</TABLE>

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                       Common stock ($1 par value)
                       ___________________________
                            (Title of Class)

<PAGE>

     Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [ X ] No [   ]

     Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. [   ]

     The aggregate market value of the voting stock held by nonaffiliates
of the registrant (194,954 shares), as of March 19, 2001 was $3,119,264.

The number of shares outstanding of the issuer's only class of common stock
as of March 19, 2001, is as follows:

             Common Stock ($1.00 Par Value) . . . . . . 503,924

                    DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the Annual Report to security holders for fiscal year
ended December 31, 2000, captioned "Selected Consolidated Financial Data,"
"Management's Discussion & Analysis of Financial Condition & Results of
Operations" and range of bid and asked questions and dividends paid on
common stock. (Part II)

     Definitive Proxy Statement furnished to security holders and the
Securities and Exchange Commission on March 20, 2001, relative to the
Annual Meeting of Stockholders to be held on April 19, 2001. (Part III)


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                                    -2-

<PAGE>


                                  PART I

ITEM 1.  BUSINESS

    (a)   General Development of Business. The general development of
the registrant's current one business segment, the Energy Business Segment
is described in the narrative description of the business contained in
Section 1(c) hereafter. The registrant historically has been involved
in that business segment. The registrant operated in a second business
segment, the Retail Food Business Segment which was discontinued in 1998.

          Since the beginning of the fiscal year, there have been
no bankruptcy, receivership or similar proceedings with respect to
the registrant; there has been no material reclassification, merger
or consolidation of the registrant; there has been no acquisition or
disposition of any material amount of assets otherwise than in the
ordinary course of business other than the acquisition of 97,231
shares of treasury stock (194,462 shares after giving effect to the
stock dividend described in Note 12 to the accompanying financial
statements) in connection with the settlement of disputes described
more fully in Item 3 hereof.  There has been no material change in
the mode of conducting the business of the registrant, other than the
change of a majority of Directors in 1999 as described in Item 3.


<PAGE>                                -3-


    (b)   Financial Information about Industry Segments.  During
the year 2000, the registrant had one reportable segment which
is identified as the Energy Business Segment.  For the years
prior to 2000 there was a second reportable segment, the Retail
Food Business Segment, which was discontinued in 1998.  See Note
8 to the accompanying financial statements for more detail as to
the discontinuance of the Retail Food Business Segment and financial
information with respect thereto.  There were no separate segments
of the registrant prior to 1993.

    (c)   Narrative Description of Business. The one current business
activity of the registrant consists of the management of its
interests in real properties and as discussed above is now
identified as the Energy Business Segment.  Such real property
nterests have been held and managed by registrant for lease to
others for exploration and the extraction of coal and oil and gas
and for surface use.  From time to time sales of portions of such
properties have been made.  In 1997 the registrant sold approximately
88.17 acres of surface land in Macon County, Missouri for a gain
of $37,309.50, and in 1998 sold approximately 196 acres of surface
land in that county for a gain of $85,421.31, and in 1999 sold
approximately 26 acres of surface land for a gain of $19,282.38,
and in 2000 sold approximately 4.67 acres of surface land for a gain
of $3,390.36.  In 1998 the registrant sold approximately 41 acres
of surface land in Sebastian County, Arkansas, for a gain of $19,923,
in 1997 had sold 1.75 acres of surface land in that county for a gain
of $800, in 1996 had sold 7.25 acres of surface land in that county
for a gain of $6,050.  Also sold in 1996 was 45 acres of real property
in Pittsburg County, Oklahoma for $31,500, and in 1999 the registrant
sold approximately 35 acres of surface land in that county for a gain
of $24,207.  In addition, in 1997 the registrant sold a waiver of
surface rights on 7.21 acres of its Walker County, Texas property
for $2,500.  The properties owned at the end of the fiscal year are
described in Item 2.

                                          -4-
<PAGE>

    During 1993 the registrant commenced a voluntary program
of reforestation on reclaimed open pit coal mining property
located in Arkansas and Oklahoma.  The program was not federally
or state mandated, but was undertaken to enhance the value of
its real property and in furtherance of its concept of social
responsibility.  Some additional reforestation on its properties
in Arkansas took place in 1997 on which the registrant spent
approximately $1,100 during that year. There was no additional
reforestation expense in 1998, 1999 or 2000.  The financial
impact upon the registrant, both in terms of short-term
expenditures and future income should not be material.

    Another business activity of registrant consists of the
ownership and management of its investment portfolio of marketable
securities and United States government and agency obligations.

    Other than as described above, the registrant produces no
products nor renders any services; however, oil, gas,
and coal are extracted by lessees from properties owned by
the registrant as more fully explained in Item 2.

    Other than the fast food bagel and delicatessen business
as a part of the discontinued operation described above, there
have been no new products nor industry segments requiring the
investment of a material amount of assets of the registrant,
and there have been no public announcements nor has information
otherwise become public involving any such new products or
industry segments.

    Raw materials are not essential to registrant's businesses.


                                      -5-
<PAGE>

    There are no patents, trademarks, licenses, franchises and
concessions held by registrant.

    No business of any industry activity of the registrant is or may
be seasonal.

    The registrant has no significant practices relating to working
capital since it carries no significant amount of inventory and does
not provide extended payment terms to customers.

    Bethlehem Steel Corporation was the lessee under a coal lease
from registrant for a term of 40 years commencing in June, 1969,
providing for minimum royalties of $50,000 annually for each of
the first three years and $90,000 annually for the next 36 years,
together with provisions for royalties of 22-1/2 cents per ton of
coal mined and shipped against which the minimum royalties are to
be applied.  On October 1, 1984, this lease was amended to
increase the royalty to the greater of $1.00 per ton or 3% of
the F.O.B. mine selling price for all coal paid for by actual
royalty or minimum royalty after that date, and Bethlehem assigned
the lease to another.  A portion of the leased property was
subsequently subleased to another party, but Bethlehem continues
to guarantee the total royalty payment.  A small amount of mining
has been done on the lease.  The loss of the revenues from this
lease would result in a material diminution in the income of registrant,
but the registrant has no reason to believe that the lessee has either
the legal right or intention to cease making the required payments
thereunder.

    Royal Oil Company of Corpus Christi, Texas ("Royal Oil") is the
lessee of a number of oil and gas leases covering properties of
the registrant located in San Jacinto County, Texas.  During 2000
Royal Oil paid to the registrant royalties on production under
those leases aggregating approximately $365,961 which exceeds
ten percent of the registrant's consolidated revenue.


                                      -6-
<PAGE>

    SEECO, Inc. of Fayetteville, Arkansas is the lessee of a number
of oil and gas leases covering properties of the registrant located
in Sebastian County, Arkansas.  During 2000 SEECO paid the registrant
royalties on production under those leases aggregating approximately
$155,611.

    Except as discussed above, there are no customers to which sales
are made in an amount which equals ten percent or more of the
registrant's consolidated revenue.

    Registrant's businesses do not have any backlog of unfilled orders.

    No material portions of the businesses of registrant may be subject
to renegotiation of profits or termination of contracts or subcontracts
at the election of the Government.

    There are no competitive conditions in the businesses in the
registrant's Energy Business Segment which have a material impact on
its operations.

    Registrant spent no money during any of the last three fiscal
years on material company-sponsored research and development activities
as determined in accordance with generally accepted accounting
principles.  In addition, registrant spent no money during such years
on material customer-sponsored research activities relating to the
development of new products, services or techniques or the improvement
of existing products, services or techniques.

    Compliance with Federal, State and local provisions regulating
the discharge of materials into the environment, or otherwise relating
to the protection of the environment will have no material effect upon
the capital expenditures, earnings and competitive position of the
registrant.  There are no material estimated capital expenditures for
environmental control facilities for the remainder of the current fiscal
year and the succeeding fiscal year or for any further periods which the
registrant deems material.

                                      -7-

<PAGE>

    As to business intended to be done by the registrant, it
has, during the last five years, investigated several new
business opportunities, both in the Energy Business Segment
and in other reportable business segments.  After review of
those new business opportunities, some were either rejected
as not suitable for the registrant at the present time or taken
off the market and others continue to be investigated by the
registrant for possible acquisition.  Management of the
registrant continues to seek out and investigate such new
business opportunities or expansion of existing leasing
activities which could result in a more productive deployment
of the registrant's assets in an effort to increase earnings.

    The total number of persons employed by the registrant
itself, as of the end of the fiscal year, was 3.

    (d)  Financial Information about Geographic Areas.  The
registrant does not engage in operations in foreign countries,
nor are portions of sales or revenues derived from customers
in foreign countries.

ITEM 2.  PROPERTIES

    (a)  The principal physical properties of the registrant
are whole or partial interests in approximately 64,000 acres of
real property located in Arkansas, Louisiana, Texas, Kansas,
Oklahoma and Missouri.  Registrant's mineral reservation under
the Sam Houston National Forest in Texas on an additional 76,000
acres expired on January 1, 1985, but was extended for a five-year
period on about 6,280 acres with producing wells, which period
expired January 1, 1990.  Another 640 of these acres were lost
on January 1, 1990, and an additional 1,623 of these acres were
lost on January 1, 1995, leaving the registrant's rights in 4,017
remaining acres, which were due to expire January 1, 2000, unless
extended.  These properties were evaluated by the appropriate
United States government agency to determine what portion of the
acreage was in fact extended by production as of that date and what
portion did expire and it appears that no material portion of that
acreage failed to be extended by production. In later parts of this
Item 2 references are made to the ownership of "minerals."  The
registrant is the owner of all or part of the subsurface minerals
on large portions of the properties involved, but the only minerals
of primary interest to the registrant are coal, oil and gas.

                                      -8-

<PAGE>


    (1)  REAL PROPERTY INTERESTS IN THE STATE OF ARKANSAS.

         The registrant is the owner of approximately 1,658
acres in fee simple, of minerals underlying approximately
16,447 additional acres, and of a number of town lots in three
small towns, all in Sebastian County, Arkansas, having sold
approximately 7.25 acres in 1996, 1.75 acres in 1997, and 41
acres in 1998.

         Mineral interests underlying approximately 13,600
acres are under a coal lease to the assignee of Bethlehem Steel
Corporation under the coal lease described in Item l(c).
An additional 30 acres of the registrant's Arkansas properties
are currently being leased under a coal lease. Another 586 acres
were leased in 1993 under two separate oil and gas leases (both
to the same lessee) for 5-year terms, one of which expired in
1998 without any production, but the other of which commenced
production during that year.  In 1997 another 120 acres were
leased for a 3-year term.  Production commenced on this lease
during 1999.  In 1998 another 250 acres were leased under three
separate oil and gas leases, each for a 3 year term.  Production
commenced on all three leases during 1999.  In 2000, another 119
acres were leased for a 5-year term.  As yet there is no production
under this lease.

                                      -9-

<PAGE>

    Of the 13,600 acres currently under a coal lease to the
assignee of Bethlehem Steel Corporation as described in the preceding
paragraph, 10,537.23 acres were leased to C.D. Exploration, Inc. in
1995 under an Oil & Gas Lease for a term of five years, for which the
lessee paid a bonus of approximately $105,000.  An additional 414 acres
were leased in 1994 under three separate oil and gas leases (two to the
same lessee), one for a three year term and the other two for five year
terms, one of which expired in 1997 with no production, one of which
expired in 1999 with no production, and one of which commenced production
in 1998.  An additional 1,483.31 acres were leased in 1996 in one oil and
gas lease for a term of five years.  As yet there is no production under
this lease.  In addition, registrant has fractional royalty interests
in 13 small producing gas wells which are located on an approximately
7,040 acre tract of which registrant owns 2,192 acres.

    (2)  REAL PROPERTY INTERESTS IN THE STATE OF TEXAS.

    The registrant was the owner of practically all of the mineral
interests in approximately 90,551 acres located in the Texas counties
of San Jacinto, Walker and Montgomery, of which approximately 82,674
acres were under a reservation (in a deed of December, 1935) which
covered all oil, gas, sulphur and other minerals on, in, under or
that may be produced from the lands for a period commencing with the
date of the deed and ending on January 1, 1985, and provided further
that if on said latter date minerals were being produced in paying
quantities then the reservation would be extended for a five-year
period as to an area of one square mile of which the well is the
center and for subsequent extensions for additional five-year periods
so long as paying operations are being conducted on the premises. The
right to prospect for and mine and remove minerals was further limited
by various requirements of the United States.  As described in Item 2(a)
above, this reservation expired on January 1, 1985, and the wells then
producing on such properties permitted the registrant to retain until
January 1, 1990, about 6,280 acres in the Mercy Field, West Mercy Field
and Moroil Field and as of January 1, 1995, the registrant continued to
retain approximately 4,017 of such acres, while production continues.
The reservation was extended for an additional five-year term which
ended January 1, 2000.  As discussed in Item 2(a) above,

                                     -10-

<PAGE>


the property was evaluated to determine what portion thereof the
registrant is entitled to retain by production, and what portion
thereof has expired, and it appears no material portion
thereof expired.

    In addition to the wells still under production from the
earlier leases, in 1997 one additional lease was made on 241.73
acres of registrant's Walker County, Texas property, and a
producing well was drilled on this property during 1999.  In
year 2000 10 acres were leased for a 3-year term.  As yet there
is no production under this lease.

    The registrant's mineral interests in its remaining acreages
of approximately 7,788.55 acres in Texas are reservations of
perpetual mineral rights.  In the case of approximately 7,600
of those acres, one-thirty-second of the minerals are vested
in the owner of the surface of said properties but with the
right in the registrant to make all leases on the acreage and
to keep all bonuses and rentals received under such leases.
In January, 1995, the entire 7,788.55 acres of these mineral
interests were leased under one oil and gas lease for a term
of three years with one option to renew for an additional two
years, which the lessee has exercised in January 1998, upon
payment of approximately $194,000 to the registrant.  The
lessee originally paid a bonus of approximately $311,000 in
connection with the initial term of this lease.  There was no
production under this lease, and therefore it expired in
January, 2000, and this acreage is now open for lease.


                                      -11-

<PAGE>


    (3)  REAL PROPERTY INTERESTS IN THE STATE OF LOUISIANA.


    In January, 1967, the registrant sold approximately 35,000
acres of Louisiana real property reserving mineral servitudes
thereon.  Under Louisiana law the ownership of mineral servitudes
not exercised through production or drilling to a depth at which
production reasonably can be expected to be found expires by
liberative prescription after a period of such nonuser of ten
years.  No production or drilling occurred on approximately
14,000 of the acres sold in 1967 within the ten-year period
and, hence, the registrant's ownership of the mineral
servitudes under such approximately 14,000 acres was extinguished
as of January 26, 1977.  During 1978, the registrant's ownership
of the mineral servitudes under 1,243 additional acres was
extinguished because production had been exhausted for ten
years.  Mineral servitudes under the remaining acres sold
in 1967 have been extended by drilling or production for
various periods expiring after January 26, 1977.  The registrant's
rights to approximately 8,530 additional acres of these
servitudes expired during 1994.

    In the Hurricane Creek Field, Beauregard Parish, Louisiana,
880 acres are held by production which commenced in 1947.
The leases of the registrant in the Hurricane Creek Field
provide for one-eighth gross royalties except as to 160
acres for which the gross royalty is one-fourth.  In 1964,
a Unitization Agreement covering one producing sand was executed
by various interested parties in the Hurricane Creek Field so
as to permit a secondary recovery program, and a second
Unitization Agreement was executed in March, 1994.

    In the Clear Creek Field, Beauregard Parish, Louisiana,
approximately 600 acres were held under oil and gas leases by
production which commenced in 1955 and were


                                    -12-

<PAGE>


terminated during 1991. The registrant's interest in this 600
acres will continue for 10
years from this date pursuant to the Louisiana law concerning
mineral servitudes as described above.  In addition, approximately
400 additional acres in Beauregard Parish, Louisiana, are held
under production pursuant to a lease, the original term of which
expired many years ago but which continues by production.

    The registrant leased approximately 9,339 acres of its real
property in Vernon Parish, Louisiana, for a term of four years,
pursuant to the exercise of a geo-option made in early 1991.
This lease was extended for an additional year in 1995, and one
well was drilled but it turned out to be a "dry hole," and there
was no production.  This property is currently available for
lease and if there is no further attempted production by
December, 2006, the registrant's rights in this property
will expire.


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                                    -13-

<PAGE>


    (4)  REAL PROPERTY INTERESTS IN OKLAHOMA AND KANSAS.

         The registrant is the owner of interests in real property
in three counties in eastern Oklahoma and three counties in southeast
Kansas, which ownership consists of approximately 1,350 acres in fee
simple (having sold approximately 35 acres of surface land located in
Pittsburg County, Oklahoma during 1999), and approximately 13,546
additional acres of underlying minerals.  A substantial part of
such 13,546 acres of mineral ownership is described in the
conveyances or reservations giving rise to such ownership
as "coal" or "coal and asphaltic minerals."

         In the year 2000, 710 acres were leased for a 3-year term.
As yet there is no production from this lease.  The registrant in
the past has also rented the surface of portions of its lands in
Kansas and Oklahoma, largely for agricultural purposes, under leases
of not to exceed one year.



    (5)  REAL PROPERTY INTERESTS IN THE STATE OF MISSOURI.

    In Randolph and Macon Counties, Missouri, the registrant is the
owner of approximately 44 acres in fee simple, (having sold 4 acres
of surface land in 1995, approximately 88 acres of surface land in 1997,
approximately 196 acres of surface land in 1998, and approximately 26
acres of surface land in 1999, and approximately 3 acres of surface
land in year 2000) and of the minerals underlying 6,147 acres.
Substantially all of the mineral ownership is described in the
conveyances from which it arose as "coal" or "coal and other minerals."
The properties involved were acquired by predecessor companies for the
principal purpose of mining coal therefrom, and extensive mining was
conducted thereon by the predecessors.


                                      -14-

<PAGE>


          The registrant has previously rented the surface of
portions of its lands in Missouri, largely for agricultural purposes,
under leases of not to exceed one year, but no such leases are in
effect at this time.


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                                      -15-

<PAGE>


    (6)  RETAIL FOOD BUSINESS SEGMENT LEASES.

         The operations of the fast food bagel and delicatessen
facilities constituting the Retail Food Business Segment had previously
been carried out from leased premises.  This business segment was
discontinued in 1998 as described above and all leases were either
assigned to other unrelated parties or terminated.

  (b) The registrant does not participate in any oil and gas operations.
However, the registrant is the owner of certain properties (fully
described above in this Item), part of which are leased to outside
interests for the production of oil and gas.  The registrant receives
bonuses, rentals and royalties for the use of the land and mineral
interests leased by it.


ITEM 3.  LEGAL PROCEEDINGS

    (a)  The 1999 annual meeting of Stockholders of the registrant
was held April 21, 1999 pursuant to notice duly sent to the
Stockholders as required by law.  Management had solicited proxies
pursuant to Regulation 14A of the Securities Exchange Act of 1934
to elect a slate of the incumbent Directors consisting of Leonard
Noah, Gary J. Pennington, Beekman Winthrop, Phelps M. Wood, and
Ernest N. Yarnevich, Jr.

         At the meeting Stockholders present in person and by proxy
elected an alternative slate of Directors consisting of Ray A.
Infantino, Patrick J. Moran, Phelps C. Wood, Phelps M. Wood, and
James R. Ukropina.

         The shares voted for the alternative slate of Directors
totaled 171,270 shares, except for Phelps M. Wood who received
votes of 327,063 shares as he received votes cast in favor of the



                                      -16-

<PAGE>


incumbent slate nominated by management as well as the alternative
slate, while votes cast in favor of the incumbent slate nominated
by management were 155,792 shares for Messrs, Noah, Pennington and
Yarnevich and 155,793 shares for Mr. Winthrop.  Cumulative voting
was not permitted.  (All references to shares in this Item 3(a) are
NOT adjusted for the stock dividend of one share of common stock for
each common share outstanding distributed February 13, 2001 as described
in Note 12 to the accompanying financial statements.)

        At the meeting of the newly elected Board of Directors
following the Stockholders meeting, the Bylaws of the registrant were
amended to increase the number of Directors to seven (7).  By motion
unanimously adopted, Bruce L. Franke and Beekman Winthrop were offered
seats on the Board of Directors.  Mr. Franke accepted and Mr. Winthrop
expressed his desire to consider the matter further and notify the Board
of his acceptance or rejection of the offer by the end of May.

         On May 14, 1999, Beekman Winthrop, together with a few other
Stockholders, filed a lawsuit in state court in Delaware challenging
the results of the election of Directors.  The action styled Winthrop,
et al v. Central Coal & Coke Corporation, et al, C.A. No. 17162, was
pending in the Court of Chancery for the State of Delaware in and for
New Castle County.  The registrant and all  newly elected Directors
were named as defendants, and the plaintiffs asked the court to
invalidate the election of the new Board.  Subsequently, on May 28,
1999 Mr. Winthrop advised the registrant that he declined the
invitation to become a Director.

         Discovery in the lawsuit proceeded, and a trial was scheduled
for August 3, 1999.  On July 29, 1999 the record owners of 179,009
shares of common stock of the registrant (a majority of the outstanding
shares) executed written consents which were delivered to the registrant
on July 29, 1999.

                                      -17-

<PAGE>



         Pursuant to the consents, Phelps M. Wood, Phelps C.
Wood, Bruce L. Franke, Ray A. Infantino, Patrick J. Moran and
James R. Ukropina were elected Directors of the registrant, confirming
the results of the election held at the Annual Meeting on April 21, 1999.
The action taken by the written consents was done pursuant to Section 228
of the Delaware General Corporation Law.

         Subsequently, on August 5, 1999, the Court issued its Order of
Dismissal, dismissing the lawsuit with prejudice, but retaining
jurisdiction for purposes of entertaining any application for attorneys'
fees and/or court costs. Legal counsel for the defendants and the
plaintiffs commenced and continued settlement discussions involving the
possible purchase by the registrant of the stock in the registrant owned
by the plaintiffs and the resolution of all pending disputes. On or
about November 2, 1999 the plaintiffs filed a Motion for Costs and
Attorney Fees in the Action requesting the Court to grant their motion
in the amount of' $106,956.65  The registrant and the other defendants
contested the motion by filing briefs in opposition thereto.

         The registrant was advised by its Delaware legal counsel in
early November, 1999 that another lawsuit had been filed.  This new
lawsuit was filed in the United States District Court for the District
of Delaware by the same plaintiffs against the Directors of the
registrant individually and the registrant as a "Nominal Defendant."
This new lawsuit also sought the removal of the Directors of the
registrant and sought other relief against the individual Directors,
but did not otherwise appear to seek relief against the registrant
itself.

         On November 23, 1999 Dudley Winthrop, one of the plaintiffs
and a Stockholder of the registrant, notified the registrant that he
intended to present a resolution for consideration at the


                                      -18-

<PAGE>


Annual Meeting of Stockholders to be held in April, 2000, and requesting
that it be included in the proxy materials for that meeting. The Board of
Directors of the registrantsubsequently determined to oppose the
resolution and recommend to the Stockholders that they vote against it.

         On January 28, 2000 the Vice Chancellor in the Delaware state
court action denied the plaintiffs' Motion for Costs and Attorneys Fees.

         Settlement discussions continued, and resulted in the execution
by all parties on February 29, 2000 of an Agreement of Settlement
and Release. According to the terms of this Agreement, the registrant
would purchase all shares of stock in the registrant owned by the
plaintiffs, totaling 97,231 shares for a purchase price of $33.50 per
share, or aggregate consideration of $3,257,238.50.  The Board of
Directors of the registrant after careful consideration concluded
that $33.50 per share was a fair price under the circumstances based upon
a review of the registrant's financial statements and considering the
costs and risks of continued litigation.  The plaintiffs agreed not to
pursue any other rights or remedies with respect to any of the pending
litigation.  Additionally, the plaintiffs agreed to standstill provisions
whereby they would not directly or indirectly acquire any interest in the
registrant in the future or participate in any proxy solicitation or become
a member of a "group" within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934 with respect to the registrant.
Additionally, the plaintiffs agreed to withdraw the stockholder proposal
submitted November 23, 1999, described above, and to make no further
proposals.

         The Settlement Agreement was consummated on March 6, 2000
including the closing of the purchase of the plaintiffs' shares on
the basis described herein.


                                  -19-

<PAGE>

As a result of the purchase of the plaintiffs' shares, as of March 7,
2000, there were 255,551 shares issued and outstanding (prior to the
stock dividend described above).

         Other than as described above, there are no material pending
legal proceedings, other than ordinary routine litigation incidental
to the business, to which the registrant is a party or of which any of
its property is the subject, and there are no material proceedings to
which any director, officer of affiliate of the registrant, any owner
of record or beneficially of more than five percent of any class of
voting securities of the registrant, or any associate of any such director,
officer or security holder is a party adverse to the registrant or has a
material interest adverse to the registrant.  Further, there are no
administrative or judicial proceedings involving the registrant arising
under any federal, state or local provisions which have been enacted or
adopted regulating the discharge of materials into the environment or
primarily for the purpose of protecting the environment.

    (b)  There were no such material legal proceedings which were
terminated during the fourth quarter of the fiscal year covered by this
report.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    The Board of Directors of the registrant solicited written consents
of the Stockholders pursuant to a Consent Statement filed with the
Securities and Exchange Commission December 11, 2000 in accordance
with Schedule 14A promulgated under the Securities Exchange Act of 1934.
The record owners of 183,608 shares of common stock of the registrant-a
majority of the outstanding shares-executed written consents which were
delivered to the registrant on or before December 26, 2000.  Pursuant to
the consents, the "Amended and Restated Certificate of Incorporation of
Central Coal & Coke Corporation" in the form attached hereto as
Exhibit 3(i)and


                                      -20-

<PAGE>

incorporated herein by this reference was approved.
The Amended and Restated Certificate of Incorporation was filed
with the Secretary of State of Delaware on December 26, 2000, and
became effective as of December 31, 2000.  Among other changes
effected by the filing of the Amended and Restated Certificate of
Incorporation with the Secretary of State of Delaware, the corporate
name of the registrant was changed from "Central Coal & Coke
Corporation" to "Central Natural Resources, Inc." and the authorized
number of shares have been increased to a total of 2,600,000,
2,500,000 shares of common stock of $1.00 par value and 100,000
shares of preferred stock of $1.00 par value.



                                 PART  II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS

    (a)  The common stock of the registrant is traded over the counter.
The approximate number of stockholders as of March 19, 2001 was 400.
The range of bid and asked quotations and the dividends paid on such
securities for each quarterly period during the registrant's two most
recent fiscal years as required by Item 201 of Regulation S-K is set
forth on the inside back cover of the Annual Report as of
December 31, 2000, furnished to the stockholders of the registrant,
and attached as an exhibit hereto, which portion of the Annual Report
is incorporated herein by this reference.

    The Board of Directors of the registrant has expressed its
current intention to continue paying a $0.25 per share quarterly
dividend if the operating results and financial condition of the
registrant continue to justify it.


                                      -21-

<PAGE>

         There have been no sales of either registered or
unregistered securities by the registrant during the past
three years

    (b)  There have been no sales of either registered or
unregistered securities by the registrant during the past
three years.

ITEM 6.  SELECTED FINANCIAL DATA

     The information required by this item is set forth under
the caption "SELECTED CONSOLIDATED FINANCIAL DATA" in the
Annual Report as of December 31, 2000, furnished to the stockholders
of the registrant, and attached as an exhibit hereto, which
portion of the Annual Report is incorporated herein by this
reference.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

         The information required by this item is set forth under
the caption "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION & RESULTS OF OPERATIONS" in the Annual Report as of
December 31, 2000, furnished to the stockholders of the
registrant, and attached as an exhibit hereto, which portion
of the Annual Report is incorporated herein by this reference.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The information concerning quantitative and qualitative
disclosures concerning market risk required by Item 305 of
Regulation S-K is contained in Management's Discussion and
Analysis of Financial Condition and Results of Operations set
forth in Item 7 above of this report which is incorporated herein
by this reference.

                                      -22-

<PAGE>


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The consolidated financial statements required by this item are as
follows:

     Consolidated Balance Sheets as of December 31, 2000 and 1999;

     Consolidated Statements of Earnings - Years ended December 31, 2000,
     1999 and 1998;

     Consolidated Statements of Comprehensive Income - Years Ended
     December 31, 2000, 1999 and 1998;

     Consolidated Statements of Stockholders' Equity - Years ended
     December 31, 2000, 1999 and 1998.

     Consolidated Statements of Cash Flows - Years ended
     December 31, 2000, 1999 and 1998;

     Notes to Consolidated Financial Statements

These financial statements are filed as a part of this report,
beginning on page 31 hereof, and areincorporated herein by
this reference.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE


    (a)  The only independent accountant who was engaged during the
registrant's two most recent fiscal years or any subsequent interim
period as the principal accountant to audit the registrant's financial
statements has not resigned (nor indicated it has declined to stand
for re-election after the completion of the current audit) nor was
dismissed.

                                 -23-

<PAGE>

    (b)   No new independent accountant has been engaged as the
principal accountant to audit the registrant's financial
statements during the registrant's two most recent fiscal
years or any subsequent interim period.


	                        PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

    The information required by this item is set forth on pages
1 through 6 of registrant's definitive proxy statement filed with
the Securities and Exchange Commission pursuant to Schedule 14A
promulgated under the Securities Exchange Act of 1934 on March
20, 2001, under the caption "ELECTION OF DIRECTORS", which portion
of said definitive proxy statement is incorporated herein by this
reference with the following corrections.  The ages of both
Phelps M. Wood and Ray A. Infantino were incorrect.  As of the
date of filing of this report, Mr. Wood is 65 and Mr. Infantino
is 64.

    In response to Item 405 of Securities and Exchange
Commission Regulation S-K, and as is disclosed in registrant's
definitive proxy statement filed with the Securities and Exchange
Commission pursuant to Schedule 14A promulgated under the Securities
Exchange Act of 1934, under the sub-caption "Section 16(a) Beneficial
Ownership Reporting Compliance," which portion of said definitive
proxy statement is incorporated herein by this reference,
Mr. Phelps M. Wood as a result of an inquiry conducted by the
Securities and Exchange Commission (S.E.C.) discovered that he
had inadvertently made a number of filings late in prior years.
Mr. Wood, on April 20, 2001 consented  to the entry of a Cease
and Desist Order (the "Order") entered by the S.E.C. on
April 12, 2000,


                                   -24-

<PAGE>

without admitting or denying the matters therein
in which it was acknowledged that he failed to timely file a
Form 3 reporting his holdings of the registrant for a period of
two weeks, failed to file timely for periods ranging from one week
to more than nineteen years and five months twenty-three Forms 4,
and failed to file timely for periods of eleven months and two
weeks and three years and eleven months two Forms 5.  The Order
requires Mr. Wood to cease and desist from committing or causing
any violations of and committing or causing, any future violations
of, Section 13(d) and 16(a) of the Exchange Act and Rules 13d-1,
13d-2, 16a-2 and 16a-3 promulgated thereunder.  The registrant,
at the time of filing of this FORM 10-K, has reviewed the
information necessary to ascertain, and has determined that,
other than as to Mr. Phelps M. Wood's late filings described above,
Item 405 disclosure is not expected to be contained in this
Part III of FORM 10-K or incorporated by reference.


ITEM 11.  EXECUTIVE COMPENSATION

    The information required by this item is set forth on page 4
of registrant's definitive proxy statement filed with the Securities
and Exchange Commission pursuant to Schedule 14A promulgated under
the Securities Exchange Act of 1934 filed March 20, 2001, under the
caption "ELECTION OF DIRECTORS", which portion of said definitive
proxy statement is incorporated herein by this reference.


          [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]



                                   -25-

<PAGE>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT

    The information required by this item is set forth on pages
1, 2 and 3 of registrant's definitive proxy statement filed with
the Securities and Exchange Commission pursuant to Schedule 14A
promulgated under the Securities Exchange Act of 1934, under the
captions "VOTING SECURITIES OUTSTANDING AND VOTING RIGHTS"
and "ELECTION OF DIRECTORS", which portions of said definitive
proxy statement are incorporated herein by this reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    The information required by this item is set forth on pages
1 through 5 of registrant's definitive proxy statement filed
with the Securities and Exchange Commission pursuant to Schedule
14A promulgated under the Securities Exchange Act of 1934, under
the caption "ELECTION OF DIRECTORS," which portion of said
definitive proxy statement is incorporated herein by this
reference.


	[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK


                                   -26-

<PAGE>

                         PART IV
ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
ON FORM 8-K

     (a)  The following documents are filed as a part of this Report:

     1.   Independent Auditors' Report

     2.   Consolidated Financial Statements:

             Consolidated Balance Sheets as of December 31, 2000 and 1999

             Consolidated Statements of Earnings - Years ended December 31,
             2000, 1999 and 1998

             Consolidated Statements of Stockholders' Equity - Years ended
             December 31, 2000, 1999 and 1998

             Consolidated Statements of Comprehensive Income - Years ended
             December 31, 2000, 1999 and 1998

             Consolidated Statements of Cash Flows - Years ended December
             31, 2000, 1999 and 1998

             Notes to Consolidated Financial Statements

     3.   Consolidated Financial Statement Schedules:

          All schedules are omitted as none are currently required.

     4.   Exhibits:

          (3) (i) Amended and Restated Certificate of Incorporation.

          (3)(ii)Bylaws.

          (10) Material Contracts:


                                      -27-

<PAGE>



          (i)     Agreement of Settlement and Release dated
          February 29, 2000 is incorporated by reference to
          Exhibit 10(i) to the Annual Report on Form 10-K
          for the registrant for the fiscal year ended
          December 31, 1999.


          (iii)(A) Central Coal & Coke Corporation's Directors
          Non-Qualified Stock Option Plan is incorporated
          herein by reference to Exhibit (10)(iii)(A) to the
          Annual Report on Form 10-K for the registrant for
          the fiscal year ended December 31, 1994.  This Plan
          was approved by the registrant's stockholders
          at the Annual Meeting held April 19, 1995, and is
          discussed in the Definitive Proxy Statement for
          that meeting previously filed with the Commission
          and in the Definitive Proxy Statement for
          the Annual Meeting of Stockholders to be held
          April 19, 2001, previously filed with the Commission.

          (iv)     Central Natural Resources, Inc. 2001 Stock
          Incentive Plan approved by the Board of Directors
          February 7, 2001 and submitted to Stockholders for
          approval at the Annual Meeting of Stockholders to be
          held April 19, 2001. This Plan is discussed
          in the Definitive Proxy Statement for that meeting
          and was filed with the Commission with that Proxy
          Statement and is incorporated herein by this
          reference.

          (13)     Portions of the Annual Report to security
          holders for year ended December 31, 2000 captioned
          "Selected Consolidated Financial Data,"
          "Management's Discussion and Analysis of Financial
          Condition & Results of Operations" and range of bid
          and asked quotations and dividends paid on common stock.

          (21) Subsidiaries of the registrant

     (b)  No reports on Form 8-K were filed during the last quarter of the
period covered by this report, but a Form 8-K was filed January 3, 2001
with respect to the approval by the Stockholders of the Amended and Restated
Certificate of Incorporation described in Item 4 above of this report,
which Amended and Restated Certificate of Incorporation was filed with
the Secretary of State of Delaware effective December 31, 2000.


                                     -28-

<PAGE>
                                 SIGNATURES

          Pursuant to the requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                     CENTRAL COAL & COKE CORPORATION
                                     _______________________________
                                                Registrant

                                     By    /s/ Phelps M. Wood
                                         ________________________________
                                         Phelps M. Wood, President

Date:  March 29, 2001

                                      -29-

<PAGE>

     Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

                                     By    /s/ Phelps M. Wood
                                         ________________________________
                                         Phelps M. Wood, President
                                         Principal Executive Officer
Date: March 29, 2001


                                           /s/ Gary J. Pennington
                                         ________________________________
                                         Gary J. Pennington
                                         General Manager, Principal
                                         Financial Officer, and
Date: March 29, 2001                     Principal Accounting Officer


                                     By    /s/ Bruce L. Franke
                                         ________________________________
                                         Bruce L Franke, Director
Date: March 29, 2001


                                     By    /s/ Ray A. Infantino
                                         ________________________________
                                         Ray A. Infantino, Director
Date: March 29, 2001


                                     By    /s/ Patrick J. Moran
                                         ________________________________
                                         Patrick J. Moran, Director

Date: March 29, 2001


                                     By    /s/ James R. Ukropina
                                         ________________________________
                                         James R. Ukropina, Director
Date: March 29, 2001


                                     By    /s/ Phelps C.Wood
                                         ________________________________
                                         Phelps C. Wood, Director
Date: March 29, 2001


                                     By    /s/ Phelps M. Wood
                                         ________________________________
                                         Phelps M. Wood, Director



                                      -30-

<PAGE>

               CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                            KANSAS CITY, MISSOURI


                              Table of Contents


                                                                         Page

Independent Auditors' Report                                               31

Consolidated Financial Statements:

    Consolidated Balance Sheets as of December 31, 2000 and 1999           32

    Consolidated Statements of Earnings - years ended December 31, 2000,
       1999 and 1998                                                       34

    Consolidated Statements of Stockholders' Equity - years ended December
       31, 2000, 1999 and 1998                                             35

    Consolidated Statements of Comprehensive Income - years ended December
       31, 2000, 1999 and 1998                                             36

    Consolidated Statements of Cash Flows - years ended December 31, 2000,
       1999 and 1998                                                       37

    Notes to Consolidated Financial Statements                             38

                                      -31-

<PAGE>


                        INDEPENDENT AUDITORS' REPORT



The Board of Directors
Central Natural Resources, Inc. and Subsidiaries:


We have audited the consolidated financial statements of Central Natural
Resources, Inc. and subsidiaries, as listed in the accompanying table of
contents. These consolidated financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects,
the financial position of Central Natural Resources, Inc. and subsidiaries
as of December 31, 2000 and 1999 and the results of their operations and
their cash flows for each of the years in the three-year period ended
December 31, 2000, in conformity with accounting principles generally
accepted in the United States of America.

                                                       KPMG  LLP

Kansas City, Missouri
January 19, 2001, except as to note 12,which is as of
February 13, 2001





                                      -32-

<PAGE>

<TABLE>

CENTRAL NATURAL RESOURCES, INC. AND SUBSIDIARIES
KANSAS CITY, MISSOURI

Consolidated Balance Sheets

December 31, 2000 and 1999

(amounts in unit dollars)
<CAPTION>
ASSETS                                          2000         1999
                                                __________   __________
<S>                                             <C>          <C>
Current assets:
  Cash and cash equivalents                   $  1,748,510    1,894,021
  Accounts receivable                               22,500       42,000
  Securities maturing within one year,
   at amortized cost (note 2)                    3,970,189    7,469,944
  Notes receivable, current                         16,720       15,402
  Other                                             10,064       10,343
                                                __________   __________
Total current assets                             5,767,983    9,431,710

Equity securities, at fair value (note 2)        1,544,018    1,648,832
Notes receivable, noncurrent                        83,287      100,007
Other investments                                  100,002          -

Coal deposits, real estate, equipment
 and leasehold improvements (notes 3 and 4):
  Coal deposits                                  1,602,882    1,602,882
  Mineral rights                                    39,988       39,988
  Surface land                                      25,581       25,620
  Equipment and leasehold improvements               1,303        1,303
                                                __________   __________
                                                 1,669,754    1,669,793
  Less accumulated depletion, depreciation
   and amortization                                578,225      578,225
     Net coal deposits, real estate,            __________   __________
      equipment and leasehold improvements       1,089,213   1,091,568
                                                __________   __________
     Total assets                             $  8,584,503   12,272,117
</TABLE>

                                      -33-

<PAGE>

<TABLE>

CENTRAL NATURAL RESOURCES, INC. SUBSIDIARIES
KANSAS CITY, MISSOURI

Consolidated Balance Sheets

December 31, 2000 and 1999

(amounts in unit dollars)
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S>                                             <C>          <C>
Current liabilities:
  Accounts payable and accrued expenses             10,946       26,062
  Federal and state income taxes                    62,525       42,011
                                                __________   __________
Total current liabilities                           73,471       68,073

Deferred income taxes (note 5)                     149,993      408,445

Stockholders' equity:
  Preferred stock of $1 par value; 100,000
   shares authorized; no shares issued                 -            -
  Common stock of $1 par value; 2,500,000 shares
   authorized; 503,924 and 753,376 shares
   issued in 2000 and 1999,                        503,924      753,376
  Additional capital                                   -      1,631,200
  Retained earnings                              7,639,660    9,423,243
  Less cost of 47,810 shares in 1999
   held in treasury                                    -       (716,166)
  Accumulated other comprehensive income,
   net of deferred taxes of $117,091 in 2000
   and $379,049 in 1999                            217,455      703,946
                                                __________   __________
Total stockholders' equity                       8,361,039  11,795,599

Commitments and contingencies (notes 3 and 6)
                                                __________   __________
Total liabilities and stockholders' equity    $  8,584,503   12,272,117
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                      -34-

<PAGE>
<TABLE>

CENTRAL NATURAL RESOURCES,INC. AND SUBSIDIARIES
KANSAS CITY, MISSOURI

Consolidated Statements of Earnings

Years ended December 31, 2000, 1999 and 1998


(amounts in unit dollars)
<CAPTION>
                                           2000      1999      1998
                                           _________ _________ _________
<S>                                        <C>       <C>       <C>
Operating revenue(note 8):
  Coal royalties (note 3)                $    94,628    97,122    97,402
  Oil and gas royalties                      592,229   395,262   366,505
  Oil and other mineral lease rentals
   and bonuses                                54,632   123,491   126,266
                                           _________ _________ _________
    Total operating revenue                  741,489   615,875   590,173

General and administrative
   expenses                                  522,082   572,096   284,797

    Operating income                         219,407    43,779   305,376

Nonoperating income:
  Investment income (note 2)               1,063,379   826,885   476,529
  Gain on sales of real estate                 3,385    43,489   105,345
  Other                                        5,700     3,166       482
                                           _________ _________ _________
    Total nonoperating income              1,072,464   873,540   582,356

    Earnings from continuing operations
     before income taxes                   1,291,871   917,319   887,732

Income taxes (note 5)                        435,290   266,309   298,759

    Earnings from continuing operations      856,581   651,010   588,973

Discontinued operations, net of income
 taxes (note 8)
  Loss from operations of discontinued
   food operations                                 -       -    (84,420)
  Gain on disposal of food operations              -       -     12,866
                                           _________ _________ _________
                                                   -       -    (71,554)


    Net earnings                             856,581  651,010   517,419

Earnings per share from continuing
 operations - basic and diluted          $      1.58     0.92      0.83

Loss per share from discontinued
 operations - basic and diluted          $         -        -     (0.10)

Earnings per share - basic and diluted   $      1.58     0.92      0.73

Weighted average number of shares of
 common stock outstanding - basic
 and diluted                                 543,528  709,470   713,160

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                   -35-

<PAGE>
<TABLE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Consolidated Statements of Stockholders' Equity

Years ended December 31, 2000, 1999 and 1998


(amounts in unit dollars)
<CAPTION>


                                                     Accumulated
                                                        other
                Common Additional Retained  Treasury comprehensive
                stock   capital   earnings  stock      income    Total
                _______ _________ _________ _________  ________  __________
<S>                <C>          <C>         <C>        <C>       <C>

Balance,
 December
  31, 1997      753,376 1,631,200 8,876,110  (599,032)   230,438 10,892,092


Net earnings          0         0   517,419         0          0    517,419
Cash dividends
 ($0.25 per
 share)               0         0  (178,298)        0          0   (178,298)
Purchase of
 1,200 shares
 of common
 stock for
 treasury             0         0         0   (18,600)         0    (18,600)
Net unrealized
 appreciation
 on investments
 available-for-
 sale                 0         0         0         0     58,378     58,378

Balance,
 December
  31, 1998      753,376 1,631,200 9,215,231  (617,632)   288,816  11,270,991

Net earnings          0         0   651,010         0          0    651,010
Cash dividends
 ($.63 per
 share)               0         0  (442,998)        0          0   (442,998)
Purchase of
 6,424 shares
 of common
 stock for
 treasury             0         0         0   (98,534)         0    (98,534)
Net unrealized
 appreciation
 on investments
 available-for-
 sale                 0         0         0         0    415,130    415,130

Balance,
 December
  31, 1999       753,376 1,631,200 9,423,243  (716,166)   703,946 11,795,599

Net earnings          0         0   856,581         0          0    856,581
Cash dividends
 ($0.88 per
 share)               0         0  (442,753)        0          0   (442,753)
Purchase of
 205,642 shares
 of common
 stock for
 treasury             0         0         0 (3,422,087)        0 (3,422,085)
Proceeds from
 option exercised
 on 4000 shares       0         0         0     60,188         0     60,188
Net unrealized
 appreciation
 on investments
 available-for-
 sale                 0         0         0         0   (486,491)  (486,491)
Cancellation of
 249,452 shares
 of common
 stock for
 treasury     (249,452)(1,631,200)(2,197,411)4,078,063         0          0
Balance,
 December
  31, 2000      503,924        0  7,639,660         0    217,455  8,361,039

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                      -36-

<PAGE>
<TABLE>


CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Consolidated Statements of Comprehensive Income

Years ended December 31, 2000, 1999 and 1998


(amounts in unit dollars)
<CAPTION>
                                   2000         1999         1998
                                   ___________  ___________  ___________
<S>                                <C>          <C>          <C>

Net earnings                   $       856,581      651,010      517,419
                                   ___________  ___________  ___________

Other comprehensive income:
 Realized gains and unrealized
  appreciation (depreciation)
  on investments                       (76,857)   1,011,444       88,649
 Income taxes                           26,900     (354,006)     (31,027)

       Realized gains and
  unrealized appreciation on
  investments, net                     (49,957)     657,438       57,622
                                   ___________  ___________  ___________


Less:
 Realized investment(gains)
   losses included in net
   earnings                           (671,590)    (372,782)       1,164
 Income taxes                          235,056      130,474         (408)
                                   ____________  ___________  ___________

                                      (436,534)   (2425,308)         756

                                      (486,491)     415,130       58,378



    Comprehensive income        $      370,090    1,066,140      575,797


<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                      -37-

<PAGE>
<TABLE>


CENTRAL NATURAL RESOURCES, INV.
KANSAS CITY, MISSOURI

Consolidated Statements of Cash Flows

Years ended December 31, 2000, 1999 and 1998


(amounts in unit dollars)
<CAPTION>
                                   2000         1999         1998
                                   ___________  ___________  ___________
<S>                                <C>          <C>          <C>
Cash flows from operating
 activities:
  Net earnings                   $     856,581      651,010      517,419

  Adjustments to reconcile net
   earnings to net cash provided by
   (used in)operating activities:
    Depletion, depreciation
     and amortization                    2,316        2,339        2,343
    Gain on disposal of food
     Operations                              0            0      (19,494)
    Gain on sales of real estate        (3,385)     (43,489)    (105,345)
    Loss (gain) on sales of equity
     securities                       (671,590)    (372,782)       1,164
    Amortization of premiums and
     discounts of securities, net     (277,727)    (375,264)    (404,007)
    Deferred income taxes                    0       (3,499)      87,497
    Changes in assets and
     liabilities:
      Accounts receivables and
       other assets                     19,779      (25,625)      (2,627)
      Accounts payable and accrued
       expenses                        (15,116)          95        9,005
      Deferred oil lease bonus               0      (97,357)      97,357
      Federal and state income
       taxes                            24,019       74,516      (59,025)

                                   ___________  ___________  ___________
 Net cash provided by
  (used in)operating
    activities                        (65,123)     (190,056)     124,287

Cash flows from investing
 activities:
  Proceeds from note receivable         15,402       12,465        7,126
  Proceeds from matured/called
   investment debt securities       26,972,217   30,500,000   30,000,000
  Purchases of investment debt
   securities                      (23,194,798) (30,120,627) (29,626,098)
  Proceeds from sales of land            3,424       44,000      107,330
  Purchases of equity securities    (1,314,348)    (188,578)    (477,099)
  Proceeds from sales of equity
   securities                        1,342,367      771,357      174,378
  Purchases of other investments      (100,002)           0            0
                                   ___________  ___________  ___________
Net cash provided by
 investing activities                3,724,262    1,018,617      185,637

Cash flows from financing
 Activities:
  Dividends paid                      (442,753)    (442,998)    (178,298)
  Purchase of common stock for
   treasury                         (3,422,085)     (98,534)     (18,600)
  Proceeds from exercised options       60,188            0            0
                                   ___________  ___________  ___________
Net cash used in financing
 activities                         (3,804,650)   (541,532)     (196,898)


   Net increase (decrease) in cash
      and cash equivalents            (145,511)     287,029      113,026

Cash and cash equivalents,
 beginning of year               $   1,894,021    1,606,992    1,493,966
Cash and cash equivalents,
 end of year                     $   1,748,510    1,894,021    1,606,992

Income taxes paid during year    $     375,700      229,440      197,400

<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                      -38-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999 and 1998


(1)  Summary of Significant Accounting Policies

     Basis of Consolidation

     The accompanying consolidated financial statements include
     the accounts of Central Natural Resources, Inc. (the Company)
     and its two wholly owned subsidiaries. The Company's
     subsidiaries were engaged in the ownership and operation of
     a fast food bagel/delicatessen business, as described below.
     All significant intercompany accounts and transactions have
     been eliminated in consolidation. Effective December 31, 2000,
     the corporate name was changed from Central Coal & Coke
     Corporation to Central Natural Resources, Inc.

     The Company's subsidiaries operated a fast food
     bagel/delicatessen business with four separate locations. A
     facility which previously had been operated in an area of San
     Diego, California was closed in March 1997. On July 1, 1998,
     the facility at State College, Pennsylvania was closed. As of
     September 1, 1998, the assets of the remaining two facilities
     located in Athens, Ohio and Columbus, Ohio were sold to an
     unrelated third party. As a result, the Company is no longer
     engaged in the food business and, accordingly, the accompanying
     consolidated 1998 financial statements present the Company's
     food operations as discontinued operations (see note 8).

     Cash and Cash Equivalents

     Cash and cash equivalents consist of demand deposit accounts
     and a money market deposit account. For purposes of the
     consolidated statements of cash flows, the Company considers
     all highly liquid debt instruments with original maturities of
     three months or less to be cash equivalents.

     Investment Securities

     Investments in debt and certain equity securities are
     classified as either held-to-maturity securities, which are
     carried at amortized cost, or available-for-sale securities,
     which are carried at fair value, with unrealized gains and
     losses excluded from earnings and reported in other
     comprehensive income.

     A decline in the market value of any available-for-sale or
     held-to-maturity security below cost that is deemed to be other
     than temporary results in a reduction in carrying amount to fair
     value. The impairment is charged to earnings and a new cost
     basis for the security is established.

     Premiums and discounts are amortized or accreted over the life
     of the related held-to-maturity security as an adjustment to
     yield using the effective interest method. Dividend and
     interest income are recognized when earned. Realized gains and
     losses for securities classified as available-for-sale are
     included in net earnings and are derived using the specific
     identification method for determining the cost of securities
     sold.

     Coal Deposits, Real Estate, Equipment, and Leasehold Improvements

     Coal deposits, mineral rights, surface land, and equipment are
     stated at cost. Maintenance and repairs are charged to expense as
     incurred. Renewals and betterments which extend the useful life of
     the asset are capitalized.


                                      -39-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998

    Depreciation, Depletion, and Amortization

    Equipment and leasehold improvements are depreciated/amortized using
    the straight-line method over their estimated useful lives or lease
    terms, which range from five to seven years.

    Depletion of coal deposits is computed at the rate of $.025 per ton
    of coal produced or purchased, which approximates depletion computed
    on a wasting-asset basis.

    Coal, Oil, and Gas Income

    Coal royalties are based on a percentage of the production of land
    leased from the Company or, in the case of no production, the
    minimum annual royalty (see note 3). Oil and gas royalties are based
    on a percentage of the production on land leased from the Company.
    Oil and other mineral lease rentals and bonuses are derived from the
    leasing of land and mineral rights prior to production.

    Oil lease bonuses which relate to future periods are deferred and
    recognized as income over the related future periods (generally one
    year).

    Income Taxes

    The Company and its subsidiaries file a consolidated federal income
    tax return.

    Deferred tax assets and liabilities are recognized for the future
    tax consequences attributable to differences between the
    consolidated financial statement carrying amounts of existing assets
    and liabilities and their respective tax bases. Deferred tax assets
    and liabilities are measured using enacted tax rates expected to
    apply to taxable income in the years in which those temporary
    differences are expected to be recovered or settled. The effect on
    deferred tax assets and liabilities for subsequent changes in tax
    rates is recognized in income in the period that includes the tax
    rate change.

    Stock Option Plan

    The Company applies the intrinsic value-based method of accounting
    prescribed by Accounting Principles Board (APB) Opinion No. 25,
    Accounting for Stock Issued to Employees, and related interpretations
    in accounting for its fixed plan stock options. As such,
    compensation expense would be recorded on the date of grant only if
    the current market price of the underlying stock exceeded the
    exercise price. Statement of Financial Accounting Standards (SFAS)
    No. 123, Accounting for Stock-Based Compensation, established
    accounting and disclosure requirements using a fair value-based
    method of accounting for stock-based employee compensation plans. As
    allowed by SFAS No. 123, the Company has elected to continue to
    apply the intrinsic value-based method of accounting described
    above, and has adopted the disclosure requirements of SFAS No. 123.


                                      -40-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998


    Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

    Long-lived assets are reviewed for impairment whenever events or
    changes in circumstances indicate that the carrying amount of an
    asset may not be recoverable. Recoverability of assets to be held and
    used is measured by a comparison of the carrying amount of the asset
    to future net cash flows expected to be generated by the asset. If
    such assets are considered to be impaired, the impairment recognized
    is measured by the amount by which the carrying amount exceeds the
    fair value. Assets to be disposed of are reported at the lower of
    the carrying amount or fair value less costs to sell.

    Earnings and Dividends Per Share

    Effective December 31, 2000, the authorized number of shares were
    increased to a total of 2,600,000 shares, 2,500,000 shares of common
    stock of $1.00 par value, and 100,000 shares of preferred stock of
    $1.00 par value.

    The preferred stock authorization does not explicitly dictate the
    dividend amounts or preferences, liquidation preferences, voting
    rights, participation features, or other characteristics typical of
    preferred stock. This authorization is referred to as a blank check
    preferred, which at a later date the Board of Directors can approve
    the issuance of and, at that time, determine the specific characteristics
    of the preferred stock.

    Basic earnings per share are based on the weighted average number of
    common shares outstanding. Dilutive earnings per share are based on
    the weighted average number of common shares and dilutive common
    equivalent shares outstanding during the year.

    Stock options are the only common stock equivalents, however, their
    effect was not dilutive in the calculation of earnings per share for
    the years ended December 31, 2000, 1999, and 1998. Dividends per
    share are based on the number of shares outstanding on the dividend
    dates of record.

    Comprehensive Income

    Comprehensive income consists of net income and net unrealized gains
    (losses) on available-for-sale securities and is presented in the
    consolidated statements of stockholders' equity and comprehensive
    income.

    Use of Estimates

    Management of the Company has made a number of estimates and
    assumptions relating to the reporting of assets and liabilities and
    the disclosure of contingent assets and liabilities to prepare these
    consolidated financial statements in conformity with accounting
    principles generally accepted in the United States of America.
    Actual results could differ from those estimates.


                                      -41-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998

(2) Investment Securities

    The amortized cost, gross unrealized holding gains, gross
    unrealized holding losses, and fair value for held-to-maturity
    and available-for-sale securities by major security type at
    December 31, 2000 and 1999 are presented below. Substantially
    all equity securities represent common stocks of domestic
    corporations.


<TABLE>
<CAPTION>
                                    Gross       Gross
                                    unrealized  unrealized
                        Amortized   holding     holding     Fair
2000                    cost        gains       losses      value
__________________      __________  __________  __________  __________
<S>                     <C>         <C>         <C>         <C>
Held-to-maturity-
  U. S. government
   agency securities  $ 3,970,189            0     (1,439)   3,968,750

Available-for-sale-
  Equity securities   $ 1,209,470      579,000   (244,452)   1,544,018
</TABLE>

<TABLE>
<CAPTION>
1999
_________________
<S>                     <C>         <C>         <C>         <C>
Held-to-maturity-
  U. S. government
   agency securities  $ 7,469,944            0       (544)   7,469,400

Available-for-sale-
  Equity securities   $   565,837    1,097,631   ( 14,636)   1,648,832
</TABLE>

At December 31, 2000 and 1999, all U. S. government and government agency
securities mature within one year.

During the first quarter of 2000, the Company sold U. S. government agency
securities classified as held-to-maturity to fund the purchase of Company
stock (see note 10). The sales proceeds of $3,472,217 approximated the
securities amortized cost.


Investment income consists of the following for each of the years ended
December 31

<TABLE>
<CAPTION>
                                    2000       1999        1998
                                    __________  __________  __________
<S>                                 <C>         <C>         <C>
Interest                           $  375,156     442,978     467,573
Dividends                              16,633      11,125      10,120
Gross gains on sales of equity
 securities                           773,868     399,578      50,214
Gross losses on sales of equity
 securities                          (102,278)    (26,796)    (51,378)
                                    __________  __________  __________
                                   $1,063,379     826,885     476,529
</TABLE>

                                      -42-

<PAGE>

CENTRAL NATURAL RESOURCES, INC,
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998


(3) Coal Deposits

    The rights to 14,000 acres of coal deposits totaling approximately
    84,000,000 tons of coal in place (of which from 50% to 90% could be
    expected to be recoverable) are leased under agreements which extend
    for periods of one to nine years. The agreements provide for minimum
    annual royalties of $90,000. Coal deposits aggregating approximately
    92,000,000 tons in place with a net carrying value of approximately
    $710,000 at December 31, 2000 are not presently leased or producing
    coal in commercial quantities.

(4) Mineral Rights

    At December 31, 2000, the Company owns approximately 64,000 acres of
    mineral rights in Missouri, Kansas, Oklahoma, Arkansas, Louisiana,
    and Texas.

(5) Income Taxes

    Total income taxes for the years ended December 31, 2000, 1999,
    and 1998 were allocated as follows:

<TABLE>
<CAPTION>
                                    2000        1999        1998
                                    __________  __________  __________
<S>                                 <C>         <C>         <C>
Continuing operations               $  435,290     266,309     298,759
Discontinued operations                      0           0     (42,551)
Stockholders' equity, for unrealized
 appreciation on
 equity securities                    (261,958)    223,531      31,435
                                    __________  __________  __________
                                    $  173,332     489,840     287,643
</TABLE>

The components of income tax expense from contiuning operations
are as follows:

<TABLE>
<CAPTION>
                                 2000      1999      1998
                                 ________  ________  ________
<S>                              <C>       <C>       <C>
Federal                        $  376,481   282,434   266,143
State                              58,809   (16,125)   32,616
                                 ________  ________  ________
Total                          $  435,290   266,309   298,759
</TABLE>

Total income tax expense for 2000, 1999, and 1998 includes deferred
income tax expense (benefit) of $3,506, $(3,859), and $87,497,
respectively.


                                      -43-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998

Income tax expense relating to continuing operations has been provided
at effective rates of 33.7%, 29.0%, and 33.7% for the years ended
December 31, 2000, 1999, and 1998, respectively. The reasons for the
difference between the effective tax rates and the corporate federal
income tax rate of 34.0% are as follows:


<TABLE>
<CAPTION>
                                          2000   1999   1998
                                          _____  _____  _____
<S>                                       <C>    <C>    <C>
Expected statutory tax rate               34.0%  34.0%  34.0%
State income taxes, net of federal
 income tax effect                         2.9   (1.2)   2.4
Depletion                                 (2.5)  (2.3)  (2.3)
Other, net                                (0.7)  (1.5)  (0.4)
                                          _____  _____  _____
Effective tax rate                        33.7%  29.0%  33.7%
</TABLE>

The tax effects of temporary differences that give rise to
significant portions of the deferred tax assets and deferred
tax liabilities at December 31, 2000 and 1999 are presented below:

<TABLE>
<CAPTION>
Deferred tax assets:                        2000      1999
                                            ________  ________
<S>                                         <C>       <C>
Writedown of coal deposits                 $  45,095    45,095
Coal development costs                        30,699    30,693
Land sales                                    12,919    12,946
Other                                          5,095     5,992
                                            ________  ________
                                              93,808    94,726

Less valuation allowance                     (45,095)  (45,095)
                                            ________  ________
Deferred tax assets                           48,713    49,631
</TABLE>
<TABLE>
<CAPTION>
Deferred tax  liabilities:
<S>                                         <C>       <C>
Depletion                                    (81,615)  (79,027)
Unrealized appreciation  on available-
 for-sale securities                        (117,091) (379,049)
                                            ________  ________
Deferred tax liabilities                    (198,706) (458,076)

Net deferred tax liability                $ (149,993) (408,445)
</TABLE>

                                      -44-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998


(6) Operating Leases

    For 1998, the Company had an operating lease on a month-to-month
    basis for its administrative office in Kansas City, Missouri. In
    the fourth quarter of 1998, the Company entered into a five-year
    operating lease for that office space, which became effective
    January 1, 1999. The lease agreement includes the option to
    terminate the lease after three years and provides for annual rental
    payments of approximately $13,200 through 2003. In addition, the
    subsidiaries of the Company had operating leases for certain retail
    facilities through September 1, 1998, the date when the last two of
    the four facilities were disposed of. Rent expense amounted to
    $13,182, $13,155, and $69,763 for the years ended December 31, 2000,
    1999, and 1998, respectively.

(7) Disclosures About Fair Value of Financial Instruments

      Cash, cash equivalents, trade receivables, and trade payables - The
      carrying amount approximates fair value because of the short maturity
      of these financial instruments.

      Debt and equity securities - The fair values of debt and equity
      securities are based on quoted market prices. The fair value of debt
      and equity securities are disclosed in note 2.

(8) Segment/Discontinued Operations Information

    The Company had operated in two segments-energy and food. On
    September 1, 1998, the Company sold its remaining food operations for
    $135,000 and recorded a gain of $12,866 (net of applicable income
    taxes of $6,628). The food operations are presented as discontinued
    operations for 1998. As a result, the Company operates in only one
    segment. The energy segment consists of the leasing of real properties
    and mineral interests in the midwestern and southern United States.
    The Company has no foreign revenues. Coal royalties in 2000, 1999,
    and 1998 were received from two customers, with 95%, 92%, and 92%
    being received from the largest customer, respectively. Oil and
    mineral lease bonuses and rentals were received from four, four, and
    nine customers in 2000, 1999, and 1998, with 56%, 90%, and 76% being
    recognized from the largest customer, respectively. Oil and gas
    royalties were received from fourteen, twelve, and twelve customers
    in 2000, 1999, and 1998, with 62%, 62%, and 92%, being received from
    one customer, respectively.


                                      -45-

<PAGE>

CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998

The loss from the Company's discontinued food business is
comprised of the following for the years ended
December 31, 1998:

<TABLE>
<CAPTION>

                              _________
<S>                           <C>
Revenues                    $   409,143
Cost of food sales              172,630
                              _________

    Gross margin                236,513
                              _________

Food operations expense:
  Salaries and wages            145,968
  Occupancy expense              59,445
  Depreciation and
   amortization expense          39,140
  Utility expense                22,630
  Other expenses                102,569
                              _________
                                369,752

    Loss from food operations
     before income taxes       (133,239)

Income tax benefit               48,819

    Loss from food
     Operations             $   (84,420)
                              __________
</TABLE>


(9) Stock Option Plan

    In April 1995, the Company adopted a nonqualified stock option plan
    (the Plan) pursuant to which the Company's Board of Directors may
    grant stock options to directors in lieu of cash compensation. The
    Plan authorizes grants of options to purchase up to 50,000 shares of
    common stock. Stock options are granted with an exercise price equal
    to the stock's fair market value at the date of grant. All stock
    options have a term of ten years and vest and become fully
    exercisable six months after the date of grant.


                                      -46-
<PAGE>


CENTRAL NATURAL RESOURCES, INC.
KANSAS CITY, MISSOURI

Notes to Consolidated Financial Statements

December 31, 2000, 1999, and 1998


A summary of incentive stock option activity during 2000, 1999, and
1998 is as follows:



                                           Year Ended
                            2000              1999              1998
                               Weighted          Weighted          Weighted
                               average           average           average
                               exercise          exercise          exercise
                      Options  price    Options  price    Options  price

Options outstanding,
 beginning of period   4,000  $15.05    20,000   15.18    15,000   15.00
Granted                6,000   17.00         0       0     5,000   15.69
Exercised             (4,000)  15.05         0       0         0       0
Forfeited                  0       0    16,000   15.18         0       0
                       -----             -----             -----

Options outstanding,
  end of period        6,000   17.00     4,000   15.05    20,000   15.18

Options exercisable
  end of period        6,000   17.00     4,000   15.05    20,000   15.18

Exercise prices for all options outstanding as of December 31, 2000 were
$17.00. The per share weighted average fair value of stock options
granted during 2000 and 1998 was $1.74 and $1.79, respectively, on the
date of grant using the Black Scholes option-pricing model with the
following weighted average assumptions: 2000-expected dividend yield
of 6.08%, expected volatility of 20.07%, risk-free interest rate
of 5.75%, and an expected life of five years; 1999- expected dividend
yield of 6.0%, expected volatility of 15.00%, risk-free interest rate
of 5.66%, and an expected life of five years; 1998-expected dividend
yield of 1.60%, expected volatility of 8.0%, risk-free interest rate
of 4.25%, and an expected life of five years.

The Company applies APB Opinion No. 25 in accounting for its Plan and,
accordingly, no compensation cost has been recognized for its stock
options in the accompanying consolidated financial statements. Had the
Company determined compensation cost based on the fair value at the grant
date for its stock options under SFAS No. 123, the Company's net earnings
and earnings per share would have been reduced to the pro forma amounts
indicated below:


<TABLE>
<CAPTION>
                                  2000        1999        1998
                                  __________  __________  __________
         <S>                      <C>         <C>         <C>
         Net Earnings:
           As reported          $    856,581     651,010     517,419

           Pro forma                 849,784     646,000     511,573

         Earnings per share:
          Basic and diluted
           as reported                  1.58        0.92        0.73

           Pro forma            $       1.56        0.91        0.72
</TABLE>

                                    -47-


(10) Commitment and Contingencies

     On March 6, 2000, the Company consummated the resolution of
     litigation and other disputes with a former director and other
     stockholders, which arose in connection with the election of
     directors at the Company's 1999 Annual Meeting, pursuant to an
     Agreement of Settlement and Release executed by all parties,
     including the Company, on February 29, 2000. The terms of the
     settlement included the purchase by the Company of all stock in the
     Company owned by the plaintiffs, totaling 194,462 shares for a
     purchase price of $16.75 per share, or aggregate consideration
     of $3,257,238. The source of the funds used was available liquid
     assets of the Company previously invested in U. S. government agency
     obligations.

(11)	Supplementary Quarterly Data (Unaudited)

                                                   2000

                                  First     Second     Third    Fourth
                                 quarter    quarter   quarter   quarter
                                 _______    _______   _______   _______

          Operating revenue   $  151,562    157,717   208,643   223,567
          Investment Income      291,896    142,002   474,621   154,860
          Net earnings           211,216     97,985   353,543   193,837
          Earnings per share
           basis and diluted        0.33       0.19      0.69      0.37
                                 _______    _______   _______   _______



                                                   1999

                                  First     Second     Third    Fourth
                                 quarter    quarter   quarter   quarter
                                 _______    _______   _______   _______

          Operating revenue   $   96,201    127,402   175,575   216,697
          Investment Income      112,876    107,464   197,564   408,981
          Net earnings            14,715     80,686   139,566   416,043
          Earnings per share
           basis and diluted        0.02       0.12      0.20      0.58
                                 _______    _______   _______   _______


(12) Subsequent Event

     On January 19, 2001, the Board of Directors declared a stock
     dividend of one share of common stock for each issued and
     outstanding share of common stock held by stockholders of record as
     of January 29, 2001. The stock dividend was distributed on
     February 13, 2001 to stockholders of record as of January 29, 2001.
     As of January 19, 2001, there were 251,962 shares issued and
     outstanding so that after the distribution of the stock dividend,
     there will be 503,924 shares of common stock issued and outstanding.
     All per share and share data in the consolidated financial
     statements and related notes have been restated to reflect the stock
     dividend for all periods presented.


                                    -48-