To the Stockholders of

Central Securities Corporation:

     Financial data for the quarter ended September 30, 2015 prepared by management without audit by our independent registered public accounting firm and other pertinent information are submitted herewith.

     Comparative net assets are as follows:

			Sept. 30, 2015				June 30, 2015				Dec. 31, 2014
Net assets		$	582,590,655			$	625,257,571			$	649,760,644
Net assets per share of Common Stock		$	24.22			$	25.72			$	26.18
Shares of Common Stock outstanding			24,052,951				24,310,831				24,819,241

 

     Comparative operating results are as follows:

		Nine months ended September 30,
			2015				2014
Net investment income		$	3,746,422			$	2,779,374
Per share of Common Stock			.15	*			.12	*
Net realized gain on sale of investments			43,034,547				33,658,319
Decrease in net unrealized appreciation of investments			(92,715,258	)			(16,813,184	)
Increase (decrease) in net assets resulting from operations			(45,934,289	)			19,624,509

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

     During the nine months ended September 30, 2015, the Corporation purchased 772,134 shares of its Common Stock at an average price of $21.34 per share. 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 MKT 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 7, 2015

PRINCIPAL PORTFOLIO CHANGES
July 1 to September 30, 2015
(Common Stock unless specified otherwise)
(unaudited)

		Number of Shares
			Purchased				Sold				Held September 30, 2015
Cable One, Inc.			6,000								6,000
California Resources Corporation							40,000				—
Coach, Inc.							150,000				—
Coherent, Inc.							58,802				598,198
Encore Capital Group, Inc.			66,185								200,000
Freeport-McMoRan Inc.							490,000				200,000
GeoMet, Inc. Series A Convertible
Redeemable Preferred Stock							365,828				—
Intel Corporation							350,000				1,100,000
Johnson & Johnson			50,000								50,000
JPMorgan Chase & Co.			20,000								220,000
Motorola Solutions, Inc.			14,375				84,375				300,000
Oracle Corporation							200,000				—
The Plymouth Rock Company, Inc.							6,000				28,424
Progressive Corporation			100,000								100,000
RadiSys Corporation							484,900				—
Rayonier Inc.							30,104				769,896

 

TEN LARGEST INVESTMENTS
September 30, 2015
(unaudited)

		Cost				Value				Percent of Net Assets				Year First Acquired
		(millions)
The Plymouth Rock Company, Inc.		$	0.7			$	109.4				18.8	%			1982
Intel Corporation			13.1				33.2				5.7				1986
Coherent, Inc.			15.7				32.7				5.6				2007
The Bank of New York Mellon Corporation			15.3				23.5				4.0				1993
Precision Castparts Corporation			20.5				23.0				3.9				2015
Analog Devices, Inc.			3.0				22.6				3.9				1987
Capital One Financial Corporation			16.9				21.0				3.6				2013
Motorola Solutions, Inc.			14.1				20.5				3.5				2000
Citigroup Inc.			19.7				19.8				3.4				2013
Rayonier Inc.			23.6				17.0				2.9				2014

 

BOARD OF DIRECTORS

Wilmot H. Kidd, Chairman
L. Price Blackford, Lead Independent Director
Simms C. Browning
Donald G. Calder
David C. Colander
Jay R. Inglis

C. Carter Walker, Jr.

OFFICERS

Wilmot H. Kidd, President
Marlene A. Krumholz, Vice President and Secretary
Andrew J. O’Neill, Vice President
Lawrence P. Vogel, Vice President and Treasurer

OFFICE
630 Fifth Avenue
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 30170, College Station, TX 77842-3170
800-756-8200
www.computershare.com

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP
New York, NY