[DESCRIPTION]   Selected Consolidated Financial Data

<TABLE>
<CAPTION>


                    SELECTED CONSOLIDATED FINANCIAL DATA

Years ended December 31          1999           1998           1997
                                 _____________  _____________  _____________
<S>                              <C>            <C>            <C>

Total operating revenue        $    615,875.00     590,173.00   1,106,425.00

Net Earnings                        651,010.00     517,419.00     777,838.00
Net Earnings per common share             1.84           1.45           2.15
Cash dividends per common share           1.25            .50           1.50
Total Assets                   $ 12,272,117.00  11,583,087.00  11,005,414.00
</TABLE>
<TABLE>
<CAPTION
Years ended December 31          1996           1995
                                 _____________  _____________
<S>                              <C>            <C>

Total operating revenue        $  1,159,008.00   1,871,476.00

Net Earnings                        790,090.00     830,662.00
Net Earnings per common share             2.13           2.22
Cash dividends per common share           1.85           1.85
Total Assets                   $ 11,037,478.00  11,181,546.00
</TABLE>



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

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


     There was no significant change in the financial condition of the
Company during 1999, 1998, or 1997, and it continues very strong.  The
liquidity of the Company continues to be high as is evidenced by a very
favorable ratio of current assets to current liabilities and a
significant portion of the Company's net worth being represented by
liquid assets.  On March 6, 2000 the Company consummated the resolution
of litigation and other disputed with former director Beekman Winthrop
and other stockholders as described in the President's Letter contained
in this Annual Report 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 97,231 shares for a purchase price of $33.50 per share, or
aggregate consideration of $3,257,238.50, which the Board of Directors
of the Company after careful consideration concluded was a fair price
under the circumstances based upon a review of the Company's financial
statements and considering the costs and risks of continued litigation.
The source of the funds used was available liquid assets of the Company
previously invested in U.S. Government Agency obligations.  The liquidity
of the Company was somewhat reduced by this transaction (which was
consummated after close of the fiscal year reported in the accompanying
Consolidated Financial Statements), but overall the Company continues to
enjoy very high liquidity with a continued favorable ratio of current
assets to current liabilities and a significant portion of its net
worth being represented by liquid assets.

     Total operating revenue  was up somewhat in 1999 over 1998
while down significantly in 1998 and 1999 from 1997.  The
principal component in these changes is revenue from oil and gas royalties
which were higher in 1999 than in 1998, but still down considerably in
both years from 1997.  The increase in 1999 was due to a material increase
in oil prices during the course of the year coupled with somewhat increased
production.  Correspondingly,, oil prices and production were higher in
1997 than in the succeeding two years.  Revenues form oil and other mineral
lease rentals and bonuses was lower in 1999 and 1998 than in 1997 because
more new leases with income recognizable in 1997 were made during 1997
than were made in subsequent two years.


     With respect to non-operating income, revenue from investment income
increased significantly in 1999 over both 1998 and 1997, but with 1997 being
higher than 1998. The reason for the increase in 1999 was primarily
increased capital gains realized on sales of equities during the year,
reduced by slightly lower rated of return on temporary fixed income
investments during the year.  Revenue from gain on sales of real estate
was significantly higher in 1998 than in either 1999 of 1997 because
there was substantially more surface land sold during 1998 than in 1999
or 1997.

     General and administrative expenses were up significantly
in 1999 from 1998 or 1997. The increase in the current year was primarily
attributable to significant fees paid to outside service providers during
1999, particularly to financial advisers and appraisers of the Company's
real estate and mineral assets, and legal fees incurred in connection with
the litigation described in the President's Letter in this Annual Report.
Additionally, reduced state franchise tax expense in 1998 contributed to the
decrease that year.

     As shown in Note 5 to the accompanying Consolidated Financial Statements
income taxes were down in 1999 from 1998, and also down considerably in 1998
from 1997.  The decreases in the current years were primarily due to
decreased earnings before income taxes. The effective tax rate was lower in
1999 than in either 1998 or 1997, reflecting to a certain extent reduced
state income taxes.

     The accompanying Consolidated Statement of Earnings shows a  loss from
operations of discontinued food operations in 1998  and 1997, and no gain of
loss from that category in 1999. Losses from that source in the earlier
years resulted from the operations of Beekman's Deli Systems, Limited
Liability Company, a limited liability company in which the Company is a
majority member (hereinafter "Beekman's").  Beekman's operated fast food
bagel and delicatessen facilities in four different locations throughout
the country; however, sales and profitability of this operation were
disappointing, and all of the operations were terminated by
September 1, 1998, and Beekman's now has no active operations.  As is
described in more detail in Note 9 to the accompanying Consolidated
Financial Statements, as a result of the operation in the first nine
months of 1998 and in 1997. losses were incurred, however since the
operations were terminated later in the year 1998, there were no
activities in 1999, and thus no income or loss during that later year.
As a result of the disposal of assets in 1998 as described above, after
recognition of the substantial earlier losses a write down of the carrying
value of the assets of this venture in 1997 for book purposes, the
Company realized  a nominal gain on the sale of assets, and that gain is
reflected in the item captioned "Gain on Disposal of Food Operations"
under discontinued operations for 1998.  One reason for the improvement
in net earnings in 1999 from 1998 is that the Company did not sustain
losses from this operation in 1999.

     There was a substantial increase in cash and cash equivalents in
1999, 1998 and 1997 but the increase was substantially greater in 1999
than in the other two years under comparison. The most significant
component of the change between the years reflects the difference in
cash provided by investment activities, specifically differences in
the amounts of proceeds from sales of equity securities during each to
respective years, and also decreasd deferred oil lease bonuses in 1999.
he changes also reflect increased net earnings in 1999 over 1998 and
materially higher net earnings in 1997 than in either of the other
two years under comparison and greater adjustment to net earnings
from depletion from 1997 than in the other two years.  Also
contributing to the changes were proceeds from the sale of the
subsidiary's operation in 1998, a decrease in the proceeds from the
sale of land in 1999, and increased dividend payments and purchases
of treasury stock in 1999 over 1998 while cash payments for the latter
two years were greater in 1997 than in either of the other two years
under comparison.

     Because of the nature of the Company's business, 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 price per ton and are not affected by market changes.
Substantially increased prices could cause an increase in the amount of coal
mined, however.  As is indicated in the discussion above concerning revenue
from oil and gas royalties, changes in the price of oil do have an impact on
the income of the Company, and at times it can be dramatic.  The rising price
of oil contributed to increased revenue from that source while the
relatively low price of oil in 1998 contributed to reduced revenue from oil
royalties in that year compared to both 1999 and 1997 when prices were
higher.

     Statement of Financial Accounting Standards No. 133, ACCOUNTING FOR
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES,(Statement 133) was issued by
the Financial Accounting Standards Board in June, 1998.  Statement 133
standardizes the accounting for derivative instruments.  Under the standard
entities are required to carry all derivative instruments in the statement of
financial position at fair value.  The Company must adopt Statement 133 by
July 1, 2000.  On adoption, the provisions of SFAS No. 133 will not have
a material impact on its financial position or results of operations.

     Concerning quantitative and qualitative disclosures concerning market
risk exposures of the Company relate to changes in interest rates, changes
in equity security prices, and changes in certain commodity prices.  The
Company's exposure to market risk for changes in interest rates related solely
to its fixed income investment portfolio which consists of U.S. government
agency securities. All such securities are held-to-maturity and have
original maturities of less than one year.  The Company does not use
derivative financial instruments to hedge interest rates on its fixed
income investment securities.  The Company's exposure to market risk
for changes in equity security prices relates solely to its marketable
equity investment portfolio which consists primarily of common stocks
of domestic, publicly held enterprises.  The Company periodically enters
into equity option contacts on a limited basis primarily relating to
marketable securities held in its investment portfolio.  At December
31, 1999 the Company held 78 option contracts with a short position
relating primarily to marketable equity securities held by it.  The fair
value of option contracts at December 31, 1999 was approximately $25,447.
The Company's exposure to market risk for changes in commodity prices
relates to changes in the prices of coal, oil an natural gas and the
effect thereof on its royalties and rental relating to coal deposits and
mineral rights as discussed above.  The Company does not use derivative
commodity instruments to hedge its commodity risk exposure.

     The Company paid cash dividends in the amount of $1.25 per share
in 1999, and fifty cents per share in 1998, and $1.50 per share in 1997.
As stated in the  President's letter to this report, the Board of
Directors of the Company has reinstated the semi-annual dividend,
reflecting the traditional dividend payments of the past.


     As contemplated in prior reports, the Company did not experience any
system interruptions of its operation or the operations of third parties
with which it does business affecting the Company's operations from the
commencement of the year 2000 with respect to the utilization of existing
computer application software programs and operating systems.

     The Company has no specific commitment for material capital
expenditures at the present time.  Management continues to actively pursue
other business opportunities which will result in a more productive
deployment of its assets and ultimately increase earnings.  During the last
year the Company reviewed one possible business acquisition opportunity in
depth, but subsequently declined it as not suitable at the present time.
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 t generate more rental, bouns and royalty
income.  Three new oil and gas leases were entered into in 1998 on the
Company's property in Sebastian County, Arkansas and there is currently gas
production under all three leases.  Two new oil and gas leases were made
in 1999, one in Pittsburgh County, Oklahoma and another in Sebastian
County, Arkansas.  Small bonuses were received at the time each was
entered into.


<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, 1998 was 400. 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>
                                               1999
                               Bid              Asked          Dividends
                           Low     High      Low     High      Per Share
                           _____   _____     _____   _____     _________
<S>                        <C>     <C>       <C>     <C>       <C>
1st Quarter              $ 30.25   30.25      .00     .00    $  .00
2nd Quarter                30.25   31.00      .00     .00       .50
3rd Quarter                30.25   31.50      .00     .00       .00
4th Quarter                29.00   30.50      .00     .00       .75

For Year                 $ 29.00   31.50      .00     .00    $ 1.25
</TABLE>
<TABLE>
<CAPTION>
                                               1998
                               Bid              Asked          Dividends
                           Low     High      Low     High      Per Share
                           _____   _____     _____   _____     _________
<S>                        <C>     <C>       <C>     <C>       <C>
1st Quarter              $ 31.25   31.50      .00     .00    $  .00
2nd Quarter                31.00   32.75      .00     .00       .50
3rd Quarter                30.75   31.50      .00     .00       .00
4th Quarter                30.50   31.50      .00     .00       .00

For Year                 $ 30.50   32.75      .00     .00    $  .50
</TABLE>