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To the Stockholders of

CENTRAL SECURITIES CORPORATION:

     Financial data for the quarter ended September 30, 2011 prepared by management without audit by our independent registered public accounting firm and other pertinent information are submitted herewith.

     Comparative market values of net assets are as follows:

	Sept. 30, 2011			June 30, 2011			Dec. 31, 2010
Net assets	$	540,337,227		$	641,132,925		$	593,524,167
Net assets per share of Common Stock		23.72			28.15			26.06
Shares of Common Stock outstanding		22,779,391			22,779,391			22,779,391

     Comparative operating results are as follows:

	Nine months ended September 30,
	2011				2010
Net investment income	$	9,731,428			$	10,670,906
Per share of Common Stock		.43	*			.47	*
Net realized gain on sale of investments		12,316,242				6,390,807
Increase (decrease) in net unrealized appreciation of investments		(70,678,733	)			34,486,965
Increase (decrease) in net assets resulting from operations		(48,631,063	)			51,548,678

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*	Per-share data are based on the average number of Common shares outstanding during the nine-month period.

     In the quarter ended September 30, 2011 the Corporation did not repurchase any shares of its Common Stock. The Corporation may from time to time purchase its Common Stock in such amounts and at such prices as the Board of Directors deems advisable in the best interests of stockholders. Purchases may be made on the NYSE Amex, or in private transactions directly with stockholders.

     Stockholders’ inquiries are welcome.

	CENTRAL SECURITIES CORPORATION
	WILMOT H. KIDD, President

630 Fifth Avenue
New York, NY 10111
October 5, 2011

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PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2011
(Common Stock unless specified otherwise)
(unaudited)

	Number of Shares
	Purchased		Sold		Held September 30, 2011
Abbott Laboratories			120,000		—
Agilent Technologies, Inc.			20,000		700,000
Analog Devices, Inc.	50,000				720,000
AT &T Inc.			200,000		—
The Bank of New York Mellon Corporation	250,000				925,000
Carlisle Companies Inc.			10,000		220,000
GeoMet, Inc. Series A Convertible Redeemable Preferred Stock	6,987	(a)			230,585
McMoRan Exploration Co.			22,800		627,200
Merck & Co., Inc.	100,000				100,000
Mindspeed Technologies, Inc.	150,000				1,050,000
Motorola Mobility Holdings, Inc.			62,500		—
NewStar Financial, Inc.			30,000		223,794
QEP Resources, Inc.	59,500				320,000
Vical Inc.			32,000		228,000

(a)

Received as a dividend.

TEN LARGEST INVESTMENTS
September 30, 2011
(unaudited)

	Cost		Value		Percent of Net Assets			Year First Acquired
	(millions)
The Plymouth Rock Company, Inc.	$  2.2		$174.8		32.3	%		1982
Coherent, Inc.	22.0		34.4		6.4			2007
Intel Corporation	16.3		32.0		5.9			1986
Analog Devices, Inc.	10.9		22.5		4.2			1987
Agilent Technologies, Inc.	15.4		21.9		4.0			2005
CEVA, Inc.	9.3		20.9		3.9			2009
Brady Corporation	2.0		19.6		3.6			1984
The Bank of New York Mellon Corporation	18.3		17.2		3.2			1993
Convergys Corporation	24.8		15.9		3.0			1998
Precision Castparts Corporation	10.0		15.5		2.9			2008

 

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BOARD OF DIRECTORS

Wilmot H. Kidd, Chairman
C. Carter Walker, Jr., Lead Independent Director
Simms C. Browning
Donald G. Calder
David C. Colander
Jay R. Inglis

OFFICERS
Wilmot H. Kidd, President
Marlene A. Krumholz, Vice President and Secretary
Lawrence P. Vogel, Vice President and Treasurer

OFFICE
630 Fifth Avenue
Eighth Floor
New York, NY 10111
212-698-2020
866-593-2507 (toll free)
www.centralsecurities.com

TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
P. O. Box 43069, Providence, RI 02940-3069
800-756-8200
www.computershare.com

CUSTODIAN
UMB Bank, N.A.
Kansas City, MO

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
KPMG LLP
New York, NY

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