[DESCRIPTION]   Selected Consolidated Financial Data

<TABLE>
<CAPTION>


                    SELECTED CONSOLIDATED FINANCIAL DATA

Years ended December 31          1995           1994           1993
                                 _____________  _____________  _____________
<S>                              <C>            <C>            <C>

Total operating revenue        $ 1,871,467.00   1,091,949.00   729,379.00

Net Earnings                     830,662.00     469,414.00     453,993.00
Net Earnings per common share    2.22           1.26           1.22
Cash dividends per common share  1.85           1.00           1.00
Total Assets                   $ 11,181,546.00  10,741,680.00  10,691,097.00
</TABLE>
<TABLE>
<CAPTION
Years ended December 31          1992           1991
                                 _____________  _____________
<S>                              <C>            <C>

Total operating revenue        $ 525,595.00     665,527.00

Net Earnings                     489,719.00     753,310.00
Net Earnings per common share    1.31           2.02
Cash dividends per common share  1.50           1.75
Total Assets                   $ 10,583,109.00  10,765,554.00
</TABLE>


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


         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

                          AND RESULTS OF OPERATIONS


     There was no significant change in the financial condition of the 
Company during 1995, 1994 or 1993, and it continues very strong. The 
liquidity of the Company continues to be high.

     The results of operations are summarized in the President's Letter to 
the stockholders. Revenue from oil and gas royalties was down somewhat in 
1995 from 1994, but was higher in 1995 and in 1994 than in 1993. The 
reasons for the decrease in 1995 were lower gas prices and slightly lower 
production. Revenue from this source was higher in 1995 and 1994 than 1993 
due to greater production in the current periods, primarily from three 
wells on the Company's Texas properties, one of which did not commence 
production until 1994. Revenue from oil and oil mineral lease rentals and 
bonuses increased in 1995 over 1994, but 1994 was lower than 1993. The 
increase in 1995 was due primarily to three new leases entered into during 
that year generating substantial bonus income, including one fairly 
sizeable lease on a portion of the Company's Texas property. Also included 
in revenue from this source during 1995 was substantial rental payment 
received in 1995 for a lease extension entered into with respect to certain 
of the Company's property in Vernon Parish, Louisiana. Fewer new leases 
were entered into in 1994 than in 1993, and less land overall was under 
lease and subject to rentals in 1994. As described in note 10 to the 
accompanying consolidated financial statements, the above components to 
results of operations are characterized as part of the Energy Business 
Segment and, as is described more fully in note 10, operating income from 
that segment increased substantially in 1995 over 1994 and 1993.

     Included in revenue for 1995 and 1994, and to a lesser extent in 1993 
was income from food sales which increased substantially in 1995 over 1994 
and in 1994 over 1993. These revenues resulted from the operation of 
Beekman's Deli Systems, Limited Liability Company, a limited liability 
company in which the company is a majority member (hereinafter "Beekman's") 
which is the successor by statutory merger to a wholly-owned subsidiary 
of the Company which carried on this business activity in 1994 and 1993. 
Only one fast-food bagel and delicatessen facility was in operation in 
early 1994 (that being the one in Athens, Ohio), with a second facility 
(located in Columbus, Ohio) being opened in the third quarter of 1994, and 
a third facility (located in State College, Pennsylvania) opening in the 
third quarter of 1995. The increased number of facilities in operation 
primarily accounts for the increased revenue in the current periods, over 
the earlier periods under comparison, with a slight increase in sales 
volume of existing facilities. As discussed in the President's Letter, new 
locations are under investigation and it is anticipated that four new 
facilities will be opened in 1996 which should increase revenue from this 
Business Segment substantially.

     Revenue from investment income was higher in 1995 than in 1994 and 
higher in both 1995 and 1994 than in 1993, due to the overall rate of 
return on investments being higher in the current periods and a somewhat 
greater amount of funds being invested in the current periods than the 
earlier periods under comparison. Gain on sale of real estate was higher in 
1995 than in 1994, but lower in both of those years than in 1993. This 
basically reflects the sale of more surface real estate in the higher 
years, particularly in 1993, due to gain from the sale in that year of 
substantial surface real estate in Sebastian County, Arkansas. Gain on such 
sales was nonrecurring income.

     Included in operating expenses are cost of food sales and food 
operations. Both occur in connection with the fast-food bagel and 
delicatessen business now being conducted by Beekman's as discussed above. 
The primary reason for the substantially increased amount of expenditures 
in these categories in 1995 over the prior two years and in 1994 over 1993 
is the same as explained above in connection with revenue from this 
operation, that during 1994 there was only one facility in operation while 
two facilities were in operation during all of 1995, and a third facility 
was opened in the third quarter of 1995. Also contributing to the increased 
operating expenses in the current periods were increased payments to 
outside service providers in connection with the bagel and delicatessen 
business. Contributing to the higher general and administrative expenses in 
1995 were professional expenses in connection with the successful 
resolution of disputes with the Missouri Department of Revenue regarding 
state income taxes for several years, as is described in note 5 to the 
consolidated financial statements. Also, in 1993 there was a nonrecurring 

<PAGE>

expense recorded in the form of a write-down in the carrying value of 
certain coal deposits to their estimated net realizable value based on an 
independent third party appraisal received during that year which is 
explained in note 3 to the accompanying consolidated financial statements. 
Management continues to believe that the carrying amount of coal deposits 
is recoverable through estimated future cash flows.

     Income taxes were higher in 1995 over 1994 as a result of increased 
earnings before income taxes. Income taxes were lower in 1994 than 1993 
reflecting decreased earnings before income taxes in 1994. The effective 
tax rate in 1995 was lower due to a reduction of the Company's estimated 
state income tax accrual as a result of the settlement with the Missouri 
Department of Revenue. See note 5 to the consolidated financial statements.

     Effective January 1, 1993, the Company adopted Statement of Financial 
Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes." The 
cumulative effect of this account change at January 1, 1993 amounted to 
$20,000 and was recorded as a reduction in net earnings in the consolidated 
statement of net earnings and retained earnings for 1993. The effect of 
this accounting change on 1993 net earnings, excluding the cumulative 
effect at January 1, 1993, was not material. See note 5 to the consolidated 
financial statements for a more detailed explanation of this accounting 
change.

     The Company adopted the provisions of SFAS No. 115, "Accounting for 
Certain Investments in Debt and Equity Securities" (Statement 115) on 
January 1, 1994. The effect on the Company's consolidated financial 
statements at January 1, 1994 of initially adopting Statement 115 was 
immaterial. See notes 1 and 5 to the consolidated financial statements for 
a more detailed explanation of this accounting change

     Because of the nature of the Company's businesses, inflation has 
little impact on its expenses. It is not anticipated that changes in the 
price of coal will have much impact on the income of the Company because of 
continuing low activity of coal extraction and because the Company's 
existing coal leases have fixed prices per ton and are not affected by 
market changes. Substantially increased prices could cause an increase in 
the amount of coal mined, however. Changes in the price of oil could have a 
minor impact on the income of the Company. It is too early in the 
operational life of the fast food bagel and delicatessen business to be 
able to predict the impact of inflation on it.

     As described in the President's Letter, expansion into new locations 
of the fast food bagel and delicatessen business is expected and certain 
expenditures are anticipated in connection with the expansion. The capital 
commitment of the Company in connection with the opening of the first two 
facilities described above (Athens, Ohio and Columbus, Ohio) was 
approximately $220,000  in the aggregate through the end of 1994. The 
aggregate capital commitment in connection with the facility at State 
College, Pennsylvania will total approximately $200,000. Other than these 
capital expenditures, the Company has no specific commitments for material 
capital expenditures at the present time.

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

     The Company generated increased cash from operating activities in 1995 
as a result of higher net income. Significant expenditures of cash in 1995 
were for capital expenditures, primarily the Company's new bagel facility 
in State College, Pennsylvania and for dividends. The Company's dividends 
per share were $1.85 in 1995 compared to $1.00 per share in 1994 and 1993.


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


     The common stock of Central Coal & Coke Corporation is traded over the 
counter. The approximate number of stockholders of the Company's common 
stock at December 31, 1995 was 530. The range of bid and asked quotations 
and the dividends paid on such securities for each quarterly period during 
the Company's two most recent years are as follows:

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

For Year                 $ 27.00   33.00      .00     .00    $ 1.85
</TABLE>
<TABLE>
<CAPTION>
                                               1994
                               Bid              Asked          Dividends
                           Low     High      Low     High      Per Share
                           _____   _____     _____   _____     _________
<S>                        <C>     <C>       <C>     <C>       <C>
1st Quarter              $ 26.00   26.00      .00     .00    $  .00
2nd Quarter                26.75   27.27      .00     .00       .50
3rd Quarter                26.75   29.75      .00     .00       .00
4th Quarter                27.00   29.25      .00     .00       .50

For Year                 $ 26.00   29.00      .00     .00    $ 1.00
</TABLE>