---

To the Stockholders of

CENTRAL SECURITIES CORPORATION:

     Financial data for the quarter ended September 30, 2010 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, 2010			June 30, 2010			Dec. 31, 2009
Net assets	$	548,821,439		$	499,948,837		$	504,029,743
Net assets per share of Common Stock		24.43			22.22			22.32
Shares of Common Stock outstanding		22,461,092			22,502,416			22,585,259

     Comparative operating results are as follows:

	Nine months ended September 30,
	2010				2009
Net investment income	$	10,670,906			$	6,624,597
Per share of Common Stock		.47	*			.30	*
Net realized gain on sale of investments		6,390,807				6,408,852
Increase in net unrealized appreciation of investments		34,486,965				69,124,343
Increase in net assets resulting from operations		51,548,678				82,157,792

---

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

     In the quarter ended September 30, 2010 the Corporation repurchased 41,324 shares of its Common Stock at an average price of $18.42. The Corporation may from time to time purchase 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 20, 2010

[2]

---

PRINCIPAL PORTFOLIO CHANGES*
July 1 to September 30, 2010
(Common Stock unless specified otherwise)
(unaudited)

	Number of Shares
	Purchased		Sold		Held September 30, 2010
Analog Devices, Inc.	6,900				684,900
Carlisle Companies Inc.	100,000				300,000
CEVA, Inc.	93,700				896,800
Coherent, Inc.			13,400		817,600
Dover Corporation			90,000		200,000
Erie Indemnity Company			10,000		—
GeoMet, Inc. Series A Convertible Preferred Stock	202,722				202,722
Home Federal Bancorp, Inc.			2,700		235,000
Intel Corporation	155,000				965,000
Roper Industries, Inc.			10,000		220,000
Vical, Inc.	10,000				270,000

---

*	Excludes “Miscellaneous — Other Investments.”

TEN LARGEST INVESTMENTS
(unaudited)

	September 30, 2010						% of Net Assets			Year First Acquired
	Cost			Value
	(millions)
The Plymouth Rock Company, Inc.	$	2.2		$	168.0		30.6	%		1982
Coherent, Inc.		22.5			32.7		6.0			2007
Agilent Technologies, Inc.		21.9			30.7		5.6			2005
Brady Corporation		2.3			21.9		4.0			1984
Analog Devices, Inc.		9.6			21.5		3.9			1987
Intel Corporation		5.2			18.5		3.4			1986
Convergys Corporation		24.8			17.8		3.2			1998
The Bank of New York Mellon Corporation		12.2			17.6		3.2			1993
Murphy Oil Corporation		1.0			17.3		3.2			1974
Roper Industries, Inc.		4.5			14.3		2.6			2003

[3]

---

BOARD OF DIRECTORS

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

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

[4]

---