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CENTRAL SECURITIES CORPORATION
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INTERIM REPORT TO STOCKHOLDERS
AS OF SEPTEMBER 30, 2000
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To the Stockholders of
CENTRAL SECURITIES CORPORATION:
Financial data for the quarter ended September 30, 2000 prepared by
management without audit by independent auditors and other pertinent information
are submitted herewith.
Comparative market values of net assets are as follows:
Sept. 30, 2000 June 30, 2000 Dec. 31, 1999
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Net assets .................. $683,777,340 $671,107,396 $590,655,679
Net assets per share
of Common Stock ........... 40.59 39.84 35.05
Shares of Common
Stock outstanding ..... 16,844,197 16,844,197 16,850,745
Comparative operating results are as follows:
Nine months ended September 30,
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2000 1999
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Net investment income ....................... $ 4,574,288 $ 3,946,813
Per share of Common Stock ............... .27* .23*
Net realized gain on sale of investments .... 62,506,022 31,582,633
Increase (decrease) in net unrealized
appreciation of investments ............... 34,670,911 (3,185,175)
Increase in net assets resulting
from operations ........................... 101,751,221 32,344,271
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* Per-share data are based on the average number of Common shares
outstanding during the nine-month period and in 1999 are after recognition
of the dividend requirement on the Convertible Preference Stock, which was
redeemed on August 1, 1999.
In the quarter ended September 30, 2000 the Corporation did not repurchase
any of its Common Stock. However, it 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.
Stockholders' inquiries are welcome.
CENTRAL SECURITIES CORPORATION
WILMOT H. KIDD, President
375 Park Avenue
New York, NY 10152
October 25, 2000
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PRINCIPAL PORTFOLIO CHANGES*
July 1 to September 30, 2000
(Common Stock unless specified otherwise)
<TABLE>
<CAPTION>
Number of Shares
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Held
September 30,
Purchased Sold 2000
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<S> <C> <C> <C>
American Management Systems, Inc. .................... 245,000 1,220,000
Analog Devices, Inc. ................................. 20,000 790,000
ArvinMeritor, Inc. ................................... 502,500(a) 502,500
Broadwing Inc. ....................................... 15,783 900,000
Church & Dwight Co., Inc. ............................ 20,000 450,000
Conoco Inc. Class A .................................. 100,000 --
Flextronics International Ltd. ....................... 25,000 725,000
Fort James Corporation ............................... 100,000 --
Gartner Group, Inc. Class A .......................... 40,000 160,000
Impath, Inc. ......................................... 250,000(b) 50,000(c) 450,000
Intel Corporation .................................... 655,000(b) 10,000(c) 1,300,000
JLG Industries, Inc. ................................. 200,000 --
MGI Pharma, Inc. ..................................... 70,000 --
MSC Industrial Direct Company Class A ................ 60,000 140,000
Motorola, Inc. ....................................... 100,000 100,000
Nextel Communications, Inc. Class A .................. 40,000 240,000
PolyOne Corporation .................................. 1,100,000(d) 1,100,000
ProBusiness Services, Inc. ........................... 40,000 160,000
The Reynolds and Reynolds Company Class A ............ 55,000 500,000
Southeast Publishing Ventures Inc. Ser. A Pfd......... 5,000 --
SunGard Data Systems Inc. ............................ 10,000 310,000
Unisys Corporation ................................... 1,000,000 2,000,000
</TABLE>
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* Excludes stocks listed under "Miscellaneous -- Other investments" at
6/30/00.
(a) Received in exchange for 670,000 shares of Common Stock of Meritor
Automotive, Inc. in a merger.
(b) Stock split.
(c) Post-split.
(d) Of which 1,000,000 were received in exchange for 1,000,000 shares of
Common Stock of M.A. Hanna Company in a merger.
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<PAGE>
BOARD OF DIRECTORS
DONALD G. CALDER DUDLEY D. JOHNSON
President President
G. L. Ohrstrom & Co., Inc. Young & Franklin Inc.
New York, NY Liverpool, NY
JAY R. INGLIS WILMOT H. KIDD
Executive Vice President President
Holt Corporation
New York, NY
C. CARTER WALKER, JR.
Washington, CT
OFFICERS
WILMOT H. KIDD, President
CHARLES N. EDGERTON, Vice President and Treasurer
KAREN E. RILEY, Secretary
OFFICE
375 Park Avenue, New York, NY 10152
212-688-3011
www.centralsecurities.com
CUSTODIAN
UMB Bank, N.A.
P.O. Box 419226, Kansas City, MO 64141-6226
TRANSFER AGENT AND REGISTRAR
EquiServe, First Chicago Trust Division
P. O. Box 2500, Jersey City, NJ 07303-2500
INDEPENDENT AUDITORS
KPMG LLP
345 Park Avenue, New York, NY 10154
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