To the Stockholders of

CENTRAL SECURITIES CORPORATION:

Financial data for the quarter ended March 31, 2012 and other pertinent information prepared by management without audit by independent auditors are submitted herewith.

Comparative net assets are as follows:

	Mar. 31, 2012			Dec. 31, 2011				Mar. 31, 2011
Net assets	$	608,761,276		$	574,187,941			$	641,510,070
Net assets per share of Common Stock	$	26.57		$	24.96			$	28.16
Shares of Common Stock outstanding		22,909,636			23,005,136			22,779,391
Comparative operating results are as follows:
				Three months ended March 31,
				2012				2011
Net investment income				$	2,557,961			$	4,218,417
Per share of Common Stock					.11	*			.19	*
Net realized gain on sale of investments					4,568,660			7,187,103
Increase in net unrealized appreciation of investments					29,434,836			36,580,383
Increase in net assets resulting from operations					36,561,457			47,985,903

*

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

We are pleased to report that at the Corporation’s annual meeting on March 21, 2012, the stockholders elected six directors, ratified the selection of KPMG LLP as auditors of the Corporation for the year 2012, and approved the Corporation’s 2012 Incentive Compensation Plan. At the Board of Directors meeting on the same day, Donald G. Calder was elected Lead Independent Director of the Board.

In the quarter ended March 31, 2012, the Corporation repurchased 98,000 shares of its Common Stock at an average price of $20.85. The Corporation may from time to time purchase Common Stock in such amounts and at such prices as the Board of Directors may deem 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
April 18, 2012

PRINCIPAL PORTFOLIO CHANGES
January 1 to March 31, 2012
(Common Stock unless specified otherwise)
(unaudited)

	Number of Shares
	Purchased			Sold		Held March 31, 2012
Agilent Technologies, Inc.				10,000		690,000
Analog Devices, Inc.				10,000		710,000
Carlisle Companies Inc.				50,000		—
GeoMet, Inc. Series A Convertible
Redeemable Preferred Stock	7,430	(a)				245,220
Intel Corporation				10,000		1,490,000
NewStar Financial, Inc.				36,094		—
Roper Industries, Inc.				30,000		150,000
Tesco PLC ADR	400,000					400,000
Vodafone Group PLC ADR				70,000		200,000

(a) Received as a dividend.

TEN LARGEST INVESTMENTS
March 31, 2012
(unaudited)

	Cost			Value			Percent of Net Assets		Year First Acquired
	(millions)
The Plymouth Rock Company, Inc.	$	2.2		$	167.8		27.6%		1982
Coherent, Inc.		22.0			46.7		7.7		2007
Intel Corporation		16.3			41.9		6.9		1986
Agilent Technologies, Inc.		15.2			30.7		5.0		2005
Analog Devices, Inc.		10.9			28.7		4.7		1987
Brady Corporation		2.0			23.9		3.9		1984
Convergys Corporation		24.8			22.7		3.7		1998
The Bank of New York Mellon Corporation		18.3			22.3		3.7		1993
CEVA, Inc.		9.2			19.3		3.2		2009
Precision Castparts Corporation		10.0			17.3		2.8		2008

BOARD OF DIRECTORS

Wilmot H. Kidd, Chairman
Donald G. Calder, Lead Independent Director
Simms C. Browning
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 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