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 [FEE REQUIRED]

                 For the Fiscal Year Ended December 31, 1995


                         Commission File No. 0-1392

                       CENTRAL COAL & COKE CORPORATION
            (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                                     <C> 
    Delaware                                                     44-0195290
__________________                                       __________________
(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)

     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 

<PAGE>  2

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. [ X ]

     The aggregate market value of the voting stock held by nonaffiliates 
of the registrant (182,031 shares), as of February 9, 1996 was 
$5,551,945.50.

The number of shares outstanding of the issuer's only class of common stock 
as of December 31, 1995, is as follows:

             Common Stock ($1.00 Par Value) . . . . . . 373,830
       (This figure does not include 2,858 shares of treasury stock)

                    DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the Annual Report to security holders for fiscal year 
ended December 31, 1995, captioned "Selected Consolidated Financial Data," 
"Management's Discussion and Analysis of Financial Condition and Results of 
Operations" and "Market for Registrant's Common Equity and Related 
Stockholder Matters."  (Part II)

     Definitive Proxy Statement furnished to security holders and the 
Securities and Exchange Commission on March 21, 1996, relative to the 
Annual Meeting of Stockholders to be held on April 17, 1996.  (Part III)


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<PAGE>  3


                                  PART I

ITEM 1.  BUSINESS

     (a)  GENERAL DEVELOPMENT OF BUSINESS.  During the year 1993, the 
registrant formed a new wholly-owned subsidiary corporation which was 
authorized to become involved in a newly created fast food bagel and 
delicatessen business located in Athens, Ohio, near the campus of Ohio 
University.  The business commenced operation during the fourth quarter of 
1993.  A second facility located in Columbus, Ohio, near the campus of Ohio 
State University, opened during the third quarter of 1994.  The registrant 
had invested approximately $220,000 in the aggregate in this operation as 
of December 31, 1994.  As of December 31, 1994, the subsidiary was merged 
with and into Beekman's Deli Systems, Limited Liability Company, an Ohio 
limited liability company in which the registrant is a majority member and 
a wholly-owned subsidiary of the registrant is the only other member, and 
this business segment is now being conducted by the limited liability 
company.  A third facility was opened in State College, Pennsylvania in the 
third quarter of 1995, and a lease was signed on a new facility located in 
an area of San Diego, California known as Pacific Beach early in 1996.  If 
the venture continues to progress satisfactorily, it is anticipated that it 
will be expanded into other locations, with at least three additional 
facilities to be added in 1996.  Other than the expansion of that venture, 
since the beginning of the fiscal year there have been no material changes 
or developments in the business done or intended to be done by registrant.  
However, as described more fully in Management's Discussion and Analysis of 
Financial Condition and Results of Operations described in Item 7 of this 

                                    -3-

<PAGE>  4

report, management continues to investigate other activities involving 
deployment of registrant's assets in an effort to increase earnings.  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; and 
there has been no material change in the mode of conducting the business of 
the registrant.

     (b)  FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS.  During the year 
1995, the registrant had two reportable segments which are identified as 
the Energy Business Segment and the Retail Food Business Segment.  See 
footnote 10 to the accompanying consolidated financial statements for more 
detail as to these separate Business Segments and financial information 
with respect thereto.  There were no separate segments of the registrant 
prior to 1993.

     (c)  NARRATIVE DESCRIPTION OF BUSINESS.  One 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 interests have been held and managed by registrant for 
lease to others for exploration for 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.  During 1994 the registrant sold forty (40) 
acres of surface land located in Macon County, Missouri and the timber 
rights on some adjoining property which generated a gain of approximately 
$33,000, and in 1995 sold approximately 4.41 additional acres of surface 
land in that county generating a gain of $2,141.58 and 40 additional acres 
of timber rights were sold for $8,900.  In 1993 the registrant sold certain 

                                    -4-

<PAGE>  5

real property in Sebastian County, Arkansas, which generated a gain of 
$211,560, and in 1995 sold an additional 103 acres of surface land in that 
county for a gain of $56,768.  The properties owned at the end of the 
fiscal year are described in Item 2.  As described more fully in Item 1(a) 
above, a subsidiary of the registrant began operation in late 1993 of a 
fast food bagel and delicatessen business located in Athens, Ohio, and 
opened an additional facility in Columbus, Ohio in 1994, and State College, 
Pennsylvania in 1995.  Additionally, the registrant continues to examine 
and evaluate the deployment of its assets and owned and operated 
enterprises as described above.  During the last four years, the registrant 
reviewed at least five possible new business opportunities in addition to 
the fast food bagel and delicatessen business described above, resulting in 
a formal bid for one company which was not accepted, rejected another 
opportunity as not suitable, and another such opportunity reviewed was 
taken off the market.  Also, 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, however the registrant may voluntarily decide to 
undertake additional reforestation on its properties in the future.

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

                                    -5-

<PAGE>  6

     Other than the fast food bagel and delicatessen business 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.

     There are no patents, trademarks, licenses, franchises and concessions 
held by registrant, other than a pending U.S. Service Mark Application for 
registration of the service mark "BEEKMAN'S BAGEL" in connection with the 
fast food bagel and delicatessen business described above.

     No business of any industry segment 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 

                                    -6-

<PAGE>  7

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.


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                                    -7-

<PAGE>  8

      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.  As to the Retail Food Business Segment, competition is 
vigorous in all markets as a part of the retail fast food industry, but it 
is too early in the development of this business segment to be able to 
evaluate any 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.

                                    -8-

<PAGE>  9

     The total number of persons employed by the registrant itself, as of 
the end of the fiscal year, was 4.  The fast food bagel and delicatessen 
business described in Item 1(a) above employs approximately 85 people in 
all locations in the aggregate.

     (d)  FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND 
EXPORT SALES.  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.  Its 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, now to expire 
January 1, 2000, unless extended.  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.

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

          The registrant is the owner of approximately 1,708 acres in fee 
simple, of minerals underlying approximately 16,404 additional acres, and 

                                    -9-

<PAGE>  10

of a number of town lots in three small towns, all in Sebastian County, 
Arkansas, having sold approximately 103 acres of surface in 1995.

          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 48 acres of the registrant's 
Arkansas properties are currently being leased under coal leases.  Another 
586 acres were leased in 1993 under two separate oil and gas leases (both 
to the same lessee) for 5-year terms.  As yet there is no production under 
either of these new leases.

          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.  As yet there is no 
production under any of these leases.  In addition, registrant has 
fractional royalty interests in 8 small producing gas wells which are on a 
5,354 acre tract of which registrant owns 1,044 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 

                                    -10-

<PAGE>  11

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 continues to retain 4,017 of such acres, while production 
continues.  The reservation is extended for an additional five-year term 
ending January 1, 2000, at the end of which this acreage will be lost if 
there is no production then continuing.

          The registrant's mineral interests in its remaining acreages in 
Texas are reservations of perpetual mineral rights.  In the case of 
approximately 7,600 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, 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.  The 
lessee paid a bonus of approximately $311,000 in connection with this 
lease.  As yet there is no production under this lease.

                                    -11-

<PAGE>  12

       (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 

                                    -12-

<PAGE>  13

which commenced in 1955 and were 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 9339 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.  As yet there is no production under this 
lease, but currently a well is being drilled.


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                                    -13-

<PAGE>  14

        (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 1,430 acres in fee simple, and 
approximately 13,511 additional acres of underlying minerals.  A 
substantial part of such 13,511 acres of mineral ownership is described in 
the conveyances or reservations giving rise to such ownership as "coal" or 
"coal and asphaltic minerals."

          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 380 acres in fee simple (having sold 4 acres of 
surface land in 1995) and of the minerals underlying 5,837 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.

          The registrant has rented the surface of portions of its lands in 
Missouri, largely for agricultural purposes, under leases of not to exceed 
one year.

     (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 

                                    -14-

<PAGE>  15

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.

       (6)  RETAIL FOOD BUSINESS SEGMENT LEASES.

          The operations of the fast food bagel and delicatessen facilities 
constituting the Retail Food Business Segment are carried out from premises 
leased at the locations specified in Item 1(a) above.  The financial 
commitments for those leases are described in Note 7 to the accompanying 
financial statements.

ITEM 3.  LEGAL PROCEEDINGS

     (a)  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.  
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.

                                    -15-

<PAGE>  16

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

     No matters were submitted during the fourth quarter of the fiscal year 
covered by this report to a vote of security holders through the 
solicitation of proxies or otherwise.



                                  PART II

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

     The information required by this item is set forth on the inside back 
cover of the Annual Report as of December 31, 1995, 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 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, 1995, 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 AND RESULTS OF 

                                    -16-

<PAGE>  17

OPERATIONS" in the Annual Report as of December 31, 1995, 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 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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

     Consolidated Balance Sheets as of December 31, 1995 and 1994;

     Consolidated Statements of Earnings - Years ended December 31, 1995, 
     1994 and 1993;

     Consolidated Statement of Stockholders' Equity - Years ended December 
     31, 1995, 1994 and 1993.

     Consolidated Statements of Cash Flows - Years ended December 31, 1995, 
     1994 and 1993;

     Notes to Consolidated Financial Statements 

     
These financial statements are filed as a part of this report, beginning on 
page 23 hereof, and are incorporated 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.

                                    -17-

<PAGE>  18

     (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 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 caption "ELECTION OF DIRECTORS", 
which portion of said definitive proxy statement is incorporated herein by 
this reference.

     No disclosure is being made herein of reporting person delinquencies 
in response to Item 405 of Securities and Exchange Commission regulation S-
K, and the registrant, at the time of filing of this FORM 10-K, has 
reviewed the information necessary to ascertain, and has determined that, 
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 pages 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 caption "ELECTION OF DIRECTORS", 

                                    -18-

<PAGE>  19

which portion of said definitive proxy statement is incorporated herein by 
this reference.

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 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 caption "ELECTION OF DIRECTORS," 
which portion of said definitive proxy statement is incorporated herein by 
this reference.


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                                    -19-

<PAGE>  20


                                   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, 1995 and 1994

             Consolidated Statements of Earnings - Years ended December 31, 
             1995, 1994 and 1993

             Consolidated Statements of Stockholders' Equity - Years ended 
             December 31, 1995, 1994 and 1993

             Consolidated Statements of Cash Flows - Years ended December 
             31, 1995, 1994 and 1993

             Notes to Consolidated Financial Statements

     3.   Consolidated Financial Statement Schedules:

          All schedules are omitted as none are currently required. 

     4.   Exhibits:

          (3) (i)  Certificate of Incorporation (including all 
          amendments to date) is incorporated herein by reference to 
          Exhibit (3) to the Annual Report on Form 10-K for the 
          registrant for the fiscal year ended December 31, 1989. 
          (ii) Bylaws (including all amendments to date) are 
          incorporated herein by reference to Exhibit 3(ii) to the 
          Annual Report on Form 10-K for the registrant for the 
          fiscal year ended December 31, 1993.

          (10) Material Contracts:

                                    -20-

<PAGE>  21

          (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 17, 1996 
          previously filed with the Commission.

          (13) Portions of the Annual Report to security holders for 
          year ended December 31, 1995 captioned "Selected 
          Consolidated Financial Data," "Management's Discussion and 
          Analysis of Financial Condition and Results of Operations" 
          and "Market for Registrant's Common Equity and Related 
          Stockholder Matters."

          (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.


                                 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/ Beekman Winthrop
                                         ________________________________
                                         Beekman Winthrop, President

Date:  March  21 , 1996

                                    -21-

<PAGE>  22

     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/ Beekman Winthrop
                                         ________________________________
                                         Beekman Winthrop, President
                                         Principal Executive Officer
Date: March  21 , 1996


                                           /s/ Gary Pennington
                                         ________________________________
                                         Gary J. Pennington
                                         General Manager, Principal
                                         Financial Officer, and 
Date: March  21 , 1996                   Principal Accounting Officer


                                     By    /s/ Leonard Noah
                                         ________________________________
                                         Leonard Noah, Director
Date: March  21 , 1965


                                     By    /s/ Beekman Winthrop
                                         ________________________________
                                         Beekman Winthrop, Director
Date: March  21 , 1996


                                     By    /s/ Ernest N. Yarnevich, Jr. 
                                         ________________________________
                                         Ernest N. Yarnevich, Jr., Director



                                    -22-

<PAGE>  23

               CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                            KANSAS CITY, MISSOURI


                  Index to Consolidated Financial Statements

Independent Auditors' Report

Consolidated Financial Statements:

    Consolidated Balance Sheets as of December 31, 1995 and 1994

    Consolidated Statements of Earnings - years ended December 31, 1995, 
       1994 and 1993

    Consolidated Statements of Stockholders' Equity - years ended December 
       31, 1995, 1994 and 1993

    Consolidated Statements of Cash Flows - years ended December 31, 1995, 
       1994 and 1993

    Notes to Consolidated Financial Statements

                                    -23-

<PAGE>  24


                        INDEPENDENT AUDITORS' REPORT

                                               KPMG Peat Marwick, LLP
                                               1000 Walnut, Suite 1600
                                               P.O. Box 13127
                                               Kansas City, MO  64199


The Board of Directors
Central Coal & Coke Corporation
     and Subsidiaries:


We have audited the consolidated financial statements of Central Coal & 
Coke Corporation and subsidiaries as listed in the accompanying index.  
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 generally accepted auditing 
standards.  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 
Coal & Coke Corporation and subsidiaries as of December 31, 1995 and 1994 
and the results of their operations and their cash flows for each of the 
years in the three-year period ended December 31, 1995, in conformity with 
generally accepted accounting principles.

As discussed in note 1, the Company changed its method of accounting for 
investment securities in 1994 to adopt the provisions of the Financial 
Accounting Standards Board's Statement of Financial Accounting Standards 
No. 115, "Accounting for Certain Investments in Debt and Equity 
Securities," and changed its method of accounting for income taxes in 1993 
to adopt the provisions of Statement of Financial Accounting Standards No. 
109, "Accounting for Income Taxes."

                                              KPMG Peat Marwick, LLP

Kansas City, Missouri
January 19, 1996

                                    -24-

<PAGE>  25

<TABLE>

               CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                            KANSAS CITY, MISSOURI

                        Consolidated Balance Sheets

                         December 31, 1995 and 1994

(amounts in unit dollars)
<CAPTION>
ASSETS                                          1995         1994
                                                _________    __________
<S>                                             <C>          <C>
Current assets:
  Cash and cash equivalents                   $ 755,422      1,588,952
  Accounts receivable                           22,500       22,500
  Securities maturing within one year,
   at amortized cost (note 2):
    Municipal bonds (fair value $40,400 
     in 1994)                                   0            40,000
    U. S. government and government
     agency securities (fair value
     $8,352,711 in 1995; $6,172,234 in 1994)    8,337,926    6,172,887
                                                __________   __________
                                                8,337,926    6,212,887

  Accrued interest receivable                   38,724       49,283
  Other                                         43,836       34,131
                                                __________   ___________
Total current assets                            9,198,408    7,907,753

Securities maturing beyond one year,
 at amortized cost (note 2):
  U. S. government and government
   agency securities (fair value $1,002,813
   in 1994)                                     0            999,751

Equity securities, at fair value (note 2)       576,749      606,969

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                                  29,320       29,894
  Equipment and leasehold improvements          379,164      144,327
                                                __________   __________
                                                2,051,354    1,817,091
  Less accumulated depletion and depreciation   644,965      591,048
     Net coal deposits, real estate,            __________   __________
      equipment and leasehold improvements      1,406,389    1,226,043

Deferred income taxes                           0            1,164
                                                __________   __________
                                              $ 11,181,546   10,741,680
</TABLE>
<TABLE>

<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S>                                             <C>          <C>
Current liabilities:
  Accounts payable and accrued expenses         25,534       17,321
  Federal and state income taxes (note 5)       218,527      39,715
                                                __________   __________
Total current liabilities                       244,061      57,036

Deferred income taxes                           38,138       0

Stockholders' equity:
  Common stock of $1 par value; authorized
   500,000 shares; issued 376,688 shares        376,688      376,688
  Additional capital                            1,631,200    1,631,200
  Retained earnings                             8,910,623    8,771,546
                                                __________   __________
                                                10,918,511   10,779,434
  Less cost of 2,858 shares in treasury         (74,058)     (74,058)
  Net unrealized appreciation (depreciation)
   of investments available-for-sale, net of
   deferred taxes of $29,559 and $11,164
   in 1994                                      54,894       (20,732)
                                                __________   __________
Total stockholders' equity                      10,899,347   10,684,644
                                                __________   __________
                                              $ 11,181,546   10,741,680
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>

                                    -25-

<PAGE>  26
<TABLE>

              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                            KANSAS CITY, MISSOURI

                   Consolidated Statements of Earnings

               Years ended December 31, 1995, 1994 and 1993


(amounts in unit dollars)
<CAPTION>
                                           1995      1994      1993
                                           ________  ________  ________
<S>                                        <C>       <C>       <C>
Operating revenue:
  Coal royalties (note 3)                $ 102,779   97,303    92,700
  Oil and gas royalties                    460,597   474,290   437,762
  Oil and other lease rentals and bonuses  437,720   114,065   155,490   
  Food sales                               870,380   406,291   43,427
                                           ________  ________  ________
    Total operating revenue                1,871,476 1,091,949 729,379

Operating expenses:
  Cost of food sales                       355,500   160,587   17,854
  Food operations                          538,004   243,263   69,619
  General and administrative expenses      483,619   363,933   268,606   
  Writedown of coal deposits (note 3)      0         0         118,670
                                           ________  ________  ________
    Total operating expenses               1,377,123 767,783   474,749

    Operating income                       494,353   324,166   254,630

Nonoperating income:
  Investment income (note 2)               618,648   433,812   375,469
  Gain on sale of real estate              68,162    32,925    211,560
  Other                                    2,077     122       0  
                                           ________  ________  ________
    Total nonoperating income              688,887   466,859   587,029

    Earnings before income taxes and 
     cumulative effect of change in
     accounting principle                  1,183,240 791,025   841,659

Income taxes (note 5)                      352,578   321,611   367,666
    Earnings before cumulative effect
     of change in accounting principle     830,662   469,414   473,993

Cumulative effect of change in accounting
 for income taxes (note 5)                 0         0         20,000
                                           ________  ________  ________
    Net earnings                           830,662   469,414   453,993

Earnings per share:
  Earnings before cumulative effect of 
   change in accounting principle        $ 2.22      1.26      1.27
  Cumulative effect of change in 
   accounting for income taxes             0         0         (0.05)
  Net earnings                           $ 2.22      1.26      1.22

Weighted average number of
 shares of common stock
 outstanding                               373,830   373,830   373,830

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

                                    -26-

<PAGE>  27
<TABLE>

            CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                          KANSAS CITY, MISSOURI

            Consolidated Statements of Stockholders' Equity

              Years ended December 31, 1995, 1994 and 1993


(amounts in unit dollars)
<CAPTION>
                                                         Net
                                                      unrealized
                                                     appreciation
                                                    (depreciation)
                Common  Addtnal   Retained  Treasury  available
                Stock   Capital   Earnings  Stock      for sale  Total
                _______ _________ _________ ________   ________  __________
<S>                <C>          <C>          <C>       <C>       <C>

Balance,
 12/31/92       376,688 1,631,200 8,595,799 (74,058)   0         10,529,629

Net Earnings    0       0         453,933   0          0         453,993
Cash dividends
 ($1.00 per
 share)         0       0         (373,830) 0          0         (373,830)

Balance, 
 12/31/93       376,688 1,631,200 8,675,962 (74,058)   0         10,609,792

Net Earnings    0       0         469,414   0          0         469,414
Cash dividends
 ($1.00 per 
 share)         0       0         (373,830) 0          0         (373,830)
Net unrealized
 depreciation 
 on investments
 available-for-
 sale           0       0         0         0          (20,732)  (20,732)

Balance, 
 12/31/94       376,688 1,631,200 8,771,546 (74,058)   (20,732)  10,684,644

Net Earnings    0       0         830,662   0          0         830,662
Cash dividends
 ($1.00 per 
 share)         0       0         (691,585) 0          0         (691,585)
Net unrealized
 depreciation 
 on investments
 available-for-
 sale           0       0         0         0          75,626    75,626 

Balance,
 12/31/95       376,688 1,631,200 8,910,623 (74,058)   54,894    10,899,347

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

                                    -27-

<PAGE>  28
<TABLE>


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                  Consolidated Statements of Cash Flows

              Years ended December 31, 1995, 1994 and 1993


(amounts in unit dollars)
<CAPTION>
                                   1995         1994         1993
                                   ___________  ___________  ___________
<S>                                <C>          <C>          <C>
Cash flows from operating 
 activities:
  Net earnings                   $ 830,662      469,414      453,993
                                               
  Adjustments to reconcile net 
   earnings to net cash provided by 
   operating activities:
    Depletion and depreciation     55,837       22,671       3,733
    Gain on sale of real estate    (68,162)     (32,925)     (211,560)
    Gain on sale of equity 
     securities                    (52,880)     (26,331)     0
    Amortization of premiums and
     discounts of securities, net  (407,477)    (165,802)    (32,864)
    Deferred income taxes          (1,421)      0            10,000
    Writedown of coal deposits 
     (note 3)                      0            0            118,670
    Changes in assets and 
     liabilities:
      Receivables and other assets (1,057)      32,777       (12,626)
      Accounts payable and accrued 
       expenses                    8,213        8,414        5,867
      Federal and state income 
       taxes                       178,812      (22,683)     11,958

                                   ___________  ___________  ___________
Net cash provided by operating
    activities                     542,527      285,535      347,171

Cash flows from investing 
 activities:
  Proceeds from matured/called 
   investment debt securities      20,790,000   12,390,000   2,900,000
  Purchases of investment debt 
   securities                      (21,507,820) (11,784,302) (7,936,872)
  Proceeds from sale of land       68,737       33,500       213,660 
  Purchases of equity securities   (120,927)    (822,089)    0        
  Proceeds from sales of equity
   securities                      320,376      209,555      0
  Capital expenditures             (234,838)    (78,932)     (59,342) 
                                   ___________  ___________  ___________
Net cash used in investing 
 activities                        (684,472)    (52,268)     (4,882,554)
                                                
Cash flows from financing 
 activities - dividends paid       (691,585)    (373,830)    (373,830)
                                                 
   Net increase (decrease) in cash
      and cash equivalents         (833,530)    (140,563)    (4,909,213)

Cash and cash equivalents, 
 beginning of year               $ 1,588,952    1,729,515    6,638,728
Cash and cash equivalents,                     
 end of year                     $ 755,422      1,588,952    1,729,515

Income taxes paid during period  $ 173,766      344,294      365,708

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

                                    -28-

<PAGE>  29

              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements

                        December 31, 1995 and 1994


(1)     Summary of Significant Accounting Policies

 Basis of Consolidation

The accompanying consolidated financial statements include the accounts of 
   Central Coal & Coke Corporation (the Company) and its two wholly-owned 
   subsidiaries. The Company's subsidiaries are engaged in the ownership 
   and operation of a fast food bagel/delicatessen business.  This business 
   commenced operations in the fourth quarter of 1993.  All significant 
   intercompany accounts and transactions have been eliminated in 
   consolidation.

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 generally accepted accounting 
   principles.  Actual results could differ from those estimates.

 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

The Company adopted the provisions of Statement of Financial Accounting 
   Standards No. 115, "Accounting for Certain Investments in Debt and 
   Equity Securities," (Statement 115) on January 1, 1994.  Statement 115 
   requires that investments in debt and certain equity securities be 
   classified in one of three categories:  (1) held-to-maturity securities, 
   which are carried at amortized cost; (2) trading securities, which are 
   carried at fair value, with unrealized gains and losses included in 
   earnings; and (3) available-for-sale securities, which are carried at 
   fair value, with unrealized gains and losses excluded from earnings and 
   reported in a separate component of stockholders' equity, net of related 
   income taxes until realized.  The effect on the Company's consolidated 
   financial statements at January 1, 1994 of initially adopting Statement 
   115 was immaterial.

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 earnings and are derived using the 
   specific identification method for determining the cost of securities 
   sold.

                                    -29-

<PAGE>  30


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


 Coal Deposits, Real Estate, Equipment and Leasehold Improvements

Coal deposits, mineral rights and surface lands were acquired from the 
   trustee in bankruptcy for predecessor companies (pursuant to a plan of 
   reorganization approved by the federal court) and were initially 
   recorded at the valuations placed thereon by the receivers in bankruptcy 
   in 1931.  Subsequent additions and all other fixed assets 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.

 Depreciation and Depletion

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

Effective January 1, 1993, the Company adopted Statement of Financial 
   Accounting Standards 109, "Accounting for Income Taxes," (Statement 109) 
   and has reported the cumulative effect of that change in the method of 
   accounting for income taxes in the 1993 consolidated statement of 
   earnings.  Under Statement 109, deferred tax assets and liabilities are 
   recognized for the future tax consequences attributable to differences 
   between the 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.  Under Statement 109, 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.

                                    -30-

<PAGE>  31


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


 Earnings and Dividends Per Common Share

Earnings per common share are based on the weighted average number of 
   common shares and dilutive common equivalent shares outstanding during 
   the year.  Dividends per share are based on the number of shares 
   outstanding on the dividend dates of record.

(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, 1995 and 1994 are 
   presented below.  Substantially all equity securities represent common 
   stocks of domestic corporations.

<TABLE>
<CAPTION>
                                    Gross       Gross
                                    unrealized  unrealized
                        Amortized   holding     holding     Fair
1995                    cost        gains       losses      value
__________________      __________  __________  __________  __________
<S>                     <C>         <C>         <C>         <C>
Held-to-maturity:
  U. S. government
   securities         $ 6,356,767   8,622       (340)       6,365,049
  U. S. government 
   agency securities    1,981,159   6,905       (402)       1,987,662
                        __________  __________  __________  __________
                      $ 8,337,926   15,527      (742)       8,352,711
Available-for-sale:
  Equity securities   $ 492,296     111,891     (27,438)    576,749
</TABLE>

<TABLE>
<CAPTION>
1994
_________________
<S>                     <C>         <C>         <C>         <C>
Held-to-maturity:
  U. S. government
   securities         $ 6,672,731   2,435       (900)       6,674,266
  U. S. government
   agency securities    499,907     874         0           500,781
  Municipal bonds       40,000      400         0           40,400
                        __________  __________  __________  __________
                      $ 7,212,638   3,709       (900)       7,215,447

Available-for-sale:
  Equity securities   $ 638,865     21,526      (53,422)    606,969
</TABLE>

At December 31, 1995, all U. S. government and government agency 
securities mature within one year.

                                    -31-

<PAGE>  32


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


Investment income consists of the following for each of the years in the 
three-year period ended December 31, 1995:

<TABLE>
<CAPTION>
                                    1995        1994        1993 
                                    __________  __________  __________
<S>                                 <C>         <C>         <C>
Interest                            545,016     395,959     375,469 
Dividends                           20,752      11,522      0
Gross gains on sales of equity
 securities                         63,764      40,251      0
Gross losses on sales of equity
 securities                         (10,884)    (13,920)    0
                                    __________  __________  __________
                                    618,648     433,812     375,469
</TABLE>

(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 fourteen years.  The agreements provide for minimum 
   annual royalties of $94,800.  Coal deposits aggregating approximately 
   92,000,000 tons in place with a net carrying value of approximately 
   $710,000 at December 31, 1995 are not presently leased or producing coal 
   in commercial quantities.

In September 1993, the Company received an appraisal on certain of those 
   coal properties which are not presently leased or producing coal in 
   commercial quantities.  Based on this appraisal, the Company recorded a 
   charge to operations of $118,670 in 1993 to reduce the cost of these 
   properties to their estimated net realizable value.  The resulting 
   deferred tax asset relating to this writedown has been fully reserved 
   through establishment of a valuation allowance due to uncertainties 
   regarding its ultimate realization.

(4)     Mineral Rights

At December 31, 1995, the Company owns approximately 64,000 acres of 
   mineral rights in Missouri, Kansas, Oklahoma, Arkansas, Louisiana and 
   Texas.

(5)     Income Taxes

Effective January 1, 1993, the Company adopted Statement 109.  The 
   cumulative effect of this accounting change at January 1, 1993 amounted 
   to $20,000 or $.05 per share and has been recorded as a reduction in net 
   earnings in the accompanying consolidated statement of earnings for the 
   year ended December 31, 1993. 

                                    -32-

<PAGE>  33


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


The components of income tax expense are as follows:

<TABLE>
<CAPTION>
                                 1995      1994      1993
                                 ________  ________  ________
<S>                              <C>       <C>       <C>
Federal                        $ 382,011   268,467   320,155
State                            (29,433)  53,144    47,511
                                 ________  ________  ________
Total income tax expense       $ 352,578   321,611   367,666
</TABLE>

Income tax expense has been provided at effective rates of 29.8%, 40.7% and 
   43.7% for the years ended December 31, 1995, 1994 and 1993, 
   respectively.  The reasons for the difference between the effective tax 
   rates and the corporate federal income tax rates of 34.0% in 1995, 1994 
   and 1993 are as follows:

<TABLE>
<CAPTION>
                                        Percentage of earnings
                                          before income taxes
                                          1995   1994   1993
                                          _____  _____  _____
<S>                                       <C>    <C>    <C>
Expected statutory tax rate               34.0%  34.0   34.0
Municipal bond interest                   (.1)   (.1)   (.1)
Increase in valuation allowance (note 3)  0      0      5.4
State income taxes, net of federal 
 income tax effect                        (1.6)  4.3    3.7
Other, net                                (2.5)  2.5    .7
                                          _____  _____  _____
Effective tax rate                        29.8%  40.7   43.7
</TABLE>

The Company's Missouri corporation income tax returns were examined by the 
   Missouri Department of Revenue, and additional taxes and interest 
   thereon were assessed.  The Company made certain payments under protest 
   in 1993 and 1994 in connection with the examination adjustments.

In 1995, the Company entered into a settlement agreement with the Missouri 
   Department of Revenue which settled all issues relating to the 
   examinations.  As a result of this settlement, in 1995 the Company 
   recorded a reduction to its estimated state income tax accrual 
   established in prior years amounting to $75,000.

                                    -33-

<PAGE>  34


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


The tax effects of temporary differences that give rise to significant 
   portions of the deferred tax assets and deferred tax liabilities at 
   December 31, 1995 and 1994 are presented below:

<TABLE>
<CAPTION>
Deferred tax assets:                        1995      1994
                                            ________  ________
<S>                                         <C>       <C>
Organization costs                        $ 6,000     6,400
Writedown of coal deposits                  45,095    45,095
Unrealized loss on available-for-sale 
 securities                                 0         11,164
Other                                       9,021     5,000
                                            ________  ________
                                            60,116    67,659
Less valuation allowance (note 3)           (45,095)  (45,095)
                                            ________  ________
Deferred tax assets                         15,021    22,564
</TABLE>
<TABLE>
<CAPTION>
Deferred tax  liabilities:
<S>                                         <C>       <C>
Depletion and depreciation                  (23,600)  (21,400)
Unrealized gain on available-for-sale 
 securities                                 (29,559)  0
                                            ________  ________
Deferred tax liabilities                    (53,159)  (21,400)

Net deferred tax asset (liability)        $ (38,138)  1,164
</TABLE>

The future operations of the Company are expected to generate sufficient 
   taxable income to realize the deferred tax assets.

(6)     Pension Plan

The Company sponsors a defined contribution pension plan for eligible 
   employees.  Contributions to the plan were $1,055, $1,052 and $1,043 in 
   1995, 1994 and 1993, respectively.  The Company is not required to make 
   additional contributions to the plan.

(7)     Operating Leases

The Company has an operating lease on a month-to-month basis for its 
   administrative office space in Kansas City, Missouri.  In addition, the 
   subsidiaries of the Company have operating leases for certain retail 
   facilities.  Rent expense under such arrangements in the aggregate 
   amounted to $90,192, $47,541 and $17,142 for the years ended December 
   31, 1995, 1994 and 1993, respectively.

                                    -34-

<PAGE>  35


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


A summary of minimum lease commitments, all of which relate to  the food 
   operation, follows:

<TABLE>
<CAPTION>
                  Year ended
                  December 31,
                  ____________
                  <S>             <C>
                  1996          $ 75,592
                  1997            36,692
                  1998            24,192
                  1999            18,144
</TABLE>

It is expected that, in the ordinary course of business, leases will be 
   renewed or replaced.

(8)     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.

(9)     Related Party Transaction

During February 1994, an Investment Management Agreement was entered into 
   between the Company and Woodwin Management, Inc.  The Company's 
   president is also the president, director and stockholder of Woodwin 
   Management, Inc.  Under this agreement, the Company has agreed to pay a 
   fee at an annual rate of .50% of the market value of the assets under 
   management.  Woodwin Management, Inc. is managing the Company's equity 
   securities portfolio.  The fee paid in 1995 and 1994 to Woodwin 
   Management, Inc. was $3,625 and $1,845, respectively.  In the opinion of 
   management of the Company, the terms of this Investment Management 
   Agreement are reasonable and competitive.

                                    -35-

<PAGE>  36


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


(10)     Business Segment Information

The Company operates in two business segments:  energy and retail food. 
   The energy segment consists of the leasing of real properties and 
   mineral interests in the midwestern and southern United States to 
   operating lessees.  Coal royalties in 1995 were received from three 
   customers, with 87% being received from one customer.  Oil and mineral 
   leases and bonuses were received from four customers in 1995, with 71% 
   being received from one customer.  Oil and gas royalties were received 
   from four customers in 1995, with 96% being received from one customer. 
   The retail food segment, which commenced in 1993, consists of the 
   operation of a fast food bagel and delicatessen business with two 
   locations in Ohio and one location in Pennsylvania.  Business segment 
   information for 1995, 1994 and 1993 is as follows:

<TABLE>
<CAPTION>
                                          Retail
1995                           Energy     food        Total
                               _________  _________   __________
<S>                            <C>        <C>         <C>

Operating revenue            $ 1,001,096  870,380     1,871,476

Operating income (loss)      $ 995,757    (119,848)   875,909
General corporate expenses                            (381,556)
Investment income                                     618,648
Gain on sale of real estate                           68,162
Other                                                 2,077
                                                      __________
Earnings before income
 taxes                                              $ 1,183,240

Depreciation and depletion   $ 2,402      53,435      55,837

Capital expenditures         $ 0          234,838     234,838

Identifiable assets          $ 1,156,280  338,363     1,494,643
Corporate assets                                      9,686,903
                                                      __________
Total assets                                        $ 11,181,546
</TABLE>

                                    -36-

<PAGE>  37


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements

<TABLE>
<CAPTION>
                                          Retail
1994                           Energy     food        Total
                               _________  _________   __________
<S>                            <C>        <C>         <C>

Operating revenue            $ 685,658    406,291     1,091,949

Operating income (loss)      $ 683,077    (69,513)    613,564
General corporate expenses                            (289,398)
Investment income                                     433,812
Gain on sale of real estate                           32,925
Other                                                 122  
                                                      __________
Earnings before income
 taxes                                              $ 791,025  

Depreciation and depletion   $ 2,341      20,330      22,671

Capital expenditures         $ 0          78,932      78,932 

Identifiable assets          $ 1,130,136  145,680     1,275,816
Corporate assets                                      9,465,864
                                                      __________
Total assets                                        $ 10,741,680
</TABLE>

<TABLE>
<CAPTION>
                                          Retail
1993                           Energy     food        Total
                               _________  _________   __________
<S>                            <C>        <C>         <C>

Operating revenue            $ 685,952    43,427      729,379  

Operating income (loss)      $ 562,776    (43,856)    518,920
General corporate expenses                            (264,290)
Investment income                                     375,469
Gain on sale of real estate                           211,560
                                                      __________
Earnings before income
 taxes                                              $ 841,659  

Depreciation and depletion   $ 2,284      1,449       3,733 

Capital expenditures         $ 0          59,342      59,342 

Identifiable assets          $ 1,133,061  67,835      1,200,896
Corporate assets                                      9,490,201
                                                      __________
Total assets                                        $ 10,691,097
</TABLE>

Identifiable assets are those assets used in the Company's operations in 
   each segment.  Corporate assets are principally cash and cash 
   equivalents and investments in securities.  The operating income of each 
   industry segment includes the revenue generated on transactions 
   involving products and services within that industry segment less 
   identifiable and allocated expenses.

                                    -37-

<PAGE>  38


              CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
                           KANSAS CITY, MISSOURI

                 Notes to Consolidated Financial Statements


(11)     Stock Option Plan 

In April 1995, the Company's Board of Directors approved a nonqualified 
   stock option plan.  The plan provides stock options to directors of the 
   Company in lieu of cash compensation for services provided to the 
   Company.  A total of 25,000 shares of the Company's common stock have 
   been made available to the plan.  Stock options are granted at a price 
   equal to the fair value of the Company's common stock on the date of 
   grant for a term of ten years.  During 1995, 2,500 options were granted 
   with an exercise price of $29.00.  At December 31, 1995, these options 
   were exercisable.



                                    -38-