UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSRS

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
                              INVESTMENT COMPANIES

Investment Company Act File Number 811-179

Name of registrant as specified in charter: Central Securities Corporation

Address of principal executive offices:
630 Fifth Avenue
Suite 820
New York, New York  10111

Name and address of agent for service:
Central Securities Corporation, Wilmot H. Kidd, President
630 Fifth Avenue
Suite 820
New York, New York  10111

Registrant's telephone number, including area code: 212-698-2020

Date of fiscal year end: December 31, 2009

Date of reporting period: June 30, 2009

Item 1. Reports to Stockholders.




================================================================================
--------------------------------------------------------------------------------

                         CENTRAL SECURITIES CORPORATION

                                   ----------

                               SEMI-ANNUAL REPORT

                                 JUNE 30, 2009

--------------------------------------------------------------------------------
================================================================================




                         CENTRAL SECURITIES CORPORATION

(Organized on October 1, 1929 as an investment company, registered as such with
  the Securities and Exchange Commission under the provisions of the Investment
                             Company Act of 1940.)

                            TEN YEAR HISTORICAL DATA



                                                             Per Share of Common Stock
                                                     -----------------------------------------
                     Total           Convertible      Net        Net                             Net realized     Unrealized
                      net            Preference      asset    investment    Divi-    Distribu-    investment     appreciation
Year                assets            Stock(A)       value     income(B)   dends(C)   tions(C)    gain (loss)   of investments
----                ------           -----------     -----    ----------   --------  ---------   ------------   --------------
                                                                                         
1998             $476,463,575        $8,986,125     $31.43                                                       $301,750,135
1999              590,655,679                --      35.05       $.26        $.26      $2.34      $43,205,449     394,282,360
2000              596,289,086                --      32.94        .32         .32       4.03       65,921,671     363,263,634
2001              539,839,060                --      28.54        .18         .22       1.58*      13,662,612     304,887,640
2002              361,942,568                --      18.72        .14         .14       1.11       22,869,274     119,501,484
2003              478,959,218                --      24.32        .09         .11       1.29       24,761,313     229,388,141
2004              529,468,675                --      26.44        .11         .11       1.21       25,103,157     271,710,179
2005              573,979,905                --      27.65        .28         .28       1.72       31,669,417     302,381,671
2006              617,167,026                --      30.05        .36         .58       1.64       36,468,013     351,924,627
2007              644,822,724                --      30.15        .38         .52       1.88       42,124,417     356,551,394
2008              397,353,061                --      17.79        .39         .36       2.10       43,582,234      94,752,477
Six mos. to
June 30,
2009**            429,428,422                --      19.27        .15         .09        .01         (451,241)    126,642,273


----------
A -   At liquidation preference.

B -   Excluding gains or losses realized on sale of investments and the dividend
      requirement  on the  Convertible  Preference  Stock which was  redeemed on
      August 1, 1999.

C -   Computed  on  the  basis  of  the  Corporation's  status  as a  "regulated
      investment  company" for Federal  income tax purposes.  Dividends are from
      undistributed  net  investment  income.  Distributions  are from long-term
      investment gains.

 *    Includes a non-taxable return of capital of $.55.

**    Unaudited.

      The Common Stock is listed on the NYSE-Amex  under the symbol CET. On June
30, 2009 the market  quotations  were:  $15.12 low,  $15.35 high and $15.28 last
sale.


                                     [ 2 ]


To the Stockholders of

      CENTRAL SECURITIES CORPORATION:

      Financial  statements  for the six months ended June 30, 2009  reviewed by
our  independent   registered   public   accounting  firm  and  other  pertinent
information are submitted herewith.

      Comparative net assets are as follows:

                                                     June 30,
                                                       2009         December 31,
                                                   (Unaudited)          2008
                                                   -----------          ----
Net assets ...................................     $429,428,422     $397,353,061
Net assets per share of Common Stock .........            19.27            17.79
       Shares of Common Stock outstanding ....       22,282,413       22,331,813

       Comparative operating results are as follows:



                                                                                                    Six months ended June 30,
                                                                                               -----------------------------------
                                                                                                  2009                    2008
                                                                                               (Unaudited)             (Unaudited)
                                                                                               -----------             -----------

                                                                                                                
Net investment income ..............................................................          $  3,457,135            $  4,703,564
    Per share of Common Stock ......................................................                   .15*                    .22*
Net realized gain (loss) on sale of investments ....................................              (451,241)             24,660,810
Increase (decrease) in net unrealized appreciation of investments ..................            31,889,796             (31,265,811)
Increase (decrease) in net assets resulting from operations ........................            34,895,690              (1,901,437)


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

      A  distribution  of $.10 per  share of  Common  Stock was paid on June 19,
2009.  Stockholders  will be sent a notice concerning the taxability of all 2009
distributions in January 2010.

      During the first six  months of 2009 the  Corporation  repurchased  49,400
shares  of its  Common  Stock at an  average  price  per  share of  $11.99.  The
Corporation  may from time to time purchase  Common Stock in such amounts and at
such prices as the Board of Directors  deem  advisable in the best  interests of
stockholders. Purchases may be made on the NYSE-Amex or in transactions directly
with stockholders.

      We are very pleased to report that on June 15, 2009, Mr. David C. Colander
was  elected  to the Board of  Directors.  He is a  Professor  of  Economics  at
Middlebury College, and is the author of numerous books and articles including a
widely used economics textbook which has been translated into several languages.

      Stockholders' inquiries are welcome.

                                                  CENTRAL SECURITIES CORPORATION

                                                     WILMOT H. KIDD, President

630 Fifth Avenue
New York, NY 10111
July 23, 2009


                                     [ 3 ]


                             TEN LARGEST INVESTMENTS
                                  June 30, 2009
                                   (Unaudited)



                                                                                                           Percent of   Year First
                                                                             Cost             Value        Net Assets    Acquired
                                                                             ----             -----        ----------    --------
                                                                                   (millions)
                                                                                                               
The Plymouth Rock Company, Inc. ................................            $  2.2           $140.0           32.6%        1982
Brady Corporation ..............................................               2.5             21.9            5.1         1984
The Bank of New York Mellon Corporation ........................              12.2             19.8            4.6         1993
Murphy Oil Corporation .........................................               1.4             18.8            4.4         1974
Agilent Technologies, Inc. .....................................              21.9             18.7            4.4         2005
Coherent, Inc. .................................................              22.9             17.2            4.0         2007
Convergys Corporation ..........................................              24.8             15.8            3.7         1998
Intel Corporation ..............................................               0.3             13.2            3.1         1986
Dover Corporation ..............................................              13.0             13.2            3.1         2003
Devon Energy Corporation .......................................              14.9             10.9            2.5         2007


                           PRINCIPAL PORTFOLIO CHANGES
                            April 1 to June 30, 2009
                                   (Unaudited)
                    (Common Stock unless specified otherwise)



                                                                                       Number of Shares
                                                                           -----------------------------------------
                                                                                                              Held
                                                                                                            June 30,
                                                                           Purchased         Sold             2009
                                                                           ---------         ----             ----
                                                                                                    
Abbott Laboratories.................................................         10,000                          110,000
AT&T Inc............................................................        200,000                          200,000
The Bank of New York Mellon Corporation.............................                        25,000           675,000
Convergys Corporation...............................................                        30,800         1,700,000
Intel Corporation...................................................                         9,600           800,000
Medtronic, Inc......................................................        100,000                          100,000
Murphy Oil Corporation..............................................                         4,300           345,700
Nexen Inc...........................................................                        60,000           240,000
Roper Industries, Inc...............................................                        20,000           230,000



                                     [ 4 ]


                         DIVERSIFICATION OF INVESTMENTS
                                  June 30, 2009
                                   (Unaudited)



                                                                                                  Percent of Net Assets
                                                                                                 -----------------------
                                                                                                 June 30,   December 31,
                                                 Issues        Cost              Value             2009         2008
                                                 ------        ----              -----             ----         ----
                                                                                                 
Common Stocks:
   Insurance ..............................        2       $  2,610,297       $140,357,600         32.7%        31.8%
   Electronics ............................        9         90,038,152         82,140,500         19.1         17.5
   Manufacturing ..........................        6         43,869,923         59,966,700         14.0         15.2
   Energy .................................        6         50,957,090         46,644,624         10.8         11.8
   Information Technology .................        2         38,221,824         21,802,400          5.1          4.7
   Banking and Finance ....................        2         13,065,868         20,070,750          4.7          8.0
   Other ..................................        8         29,131,387         23,554,238          5.5          3.6
Short-Term Investments ....................        4         33,972,559         33,972,559          7.9          5.8


                              FINANCIAL HIGHLIGHTS



                                                  Six Mos.
                                                   Ended
                                               June 30, 2009
                                                (Unaudited)      2008          2007         2006         2005         2004
                                                -----------      ----          ----         ----         ----         ----
                                                                                                    
Per Share Operating Performance
Net asset value, beginning of period .........     $17.79        $30.15        $30.05       $27.65       $26.44       $24.32
Net investment income* .......................        .15           .39           .38          .36          .28          .11
Net realized and unrealized gain (loss)
   on securities* ............................       1.43        (10.29)         2.12         4.26         2.93         3.33
                                                 --------      --------      --------     --------     --------     --------
      Total from investment operations .......       1.58         (9.90)         2.50         4.62         3.21         3.44
Less:
Dividends from net investment income .........        .09           .36           .37          .36          .28          .11
Distributions from capital gains .............        .01          2.10          2.03         1.86         1.72         1.21
                                                 --------      --------      --------     --------     --------     --------
      Total distributions ....................        .10          2.46          2.40         2.22         2.00         1.32
                                                 --------      --------      --------     --------     --------     --------
Net asset value, end of period ...............     $19.27        $17.79        $30.15       $30.05       $27.65       $26.44
                                                 ========      ========      ========     ========     ========     ========
Per share market value, end of period ........     $15.28        $14.40        $26.84       $26.65       $23.80       $22.85
Total investment return, market(%) ...........       4.55        (39.63)         9.86        21.31        14.04        16.16
Total investment return, NAV(%) ..............       8.88        (32.66)         9.35        18.55        13.75        15.40
Ratios/Supplemental Data:
Net assets, end of period(000) ...............   $429,428      $397,353      $644,823     $617,167     $573,980     $529,469
Ratio of expenses to average net
   assets(%) .................................        .83+          .66           .59          .53          .54          .55
Ratio of net investment income to
   average net assets(%) .....................       1.02+         1.43          1.21         1.23         1.02          .41
Portfolio turnover rate(%) ...................       2.53         11.04         19.58        17.55        15.83        16.72


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

+     Annualized, not necessarily indicative of full year ratio.

                 See accompanying notes to financial statements.


                                     [ 5 ]


                            STATEMENT OF INVESTMENTS
                                  June 30, 2009
                                   (Unaudited)

                           PORTFOLIO SECURITIES 91.9%
                   STOCKS (COMMON UNLESS SPECIFIED OTHERWISE)



 Prin. Amt.
 or Shares                                                                          Value
 ---------                                                                          -----
                                                                          
               Banking and Finance 4.7%
   675,000       The Bank of New York Mellon Corporation..............          $ 19,784,250
   150,000       Newstar Financial, Inc. (a)..........................               286,500
                                                                                ------------
                                                                                  20,070,750
                                                                                ------------
               Business Services 0.3%
   100,000       Heritage-Crystal Clean Inc. (a)......................             1,215,000
                                                                                ------------

               Communications 1.5%
 1,000,000       Arbinet-thexchange, Inc. (a).........................             1,740,000
   200,000       AT&T Inc.............................................             4,968,000
                                                                                ------------
                                                                                   6,708,000
                                                                                ------------
               Electronics 19.1%
   920,000       Agilent Technologies, Inc. (a).......................            18,685,200
   370,000       Analog Devices, Inc..................................             9,168,600
   830,000       Coherent, Inc. (a)...................................            17,164,400
   630,000       Flextronics International Ltd. (a)...................             2,614,500
   800,000       Intel Corporation....................................            13,240,000
   300,000       Maxim Integrated Products, Inc.......................             4,707,000
   350,000       Motorola, Inc. (a)...................................             2,320,500
 1,000,000       Radisys Corporation (a)..............................             9,040,000
 3,230,000       Sonus Networks, Inc. (a).............................             5,200,300
                                                                                ------------
                                                                                  82,140,500
                                                                                ------------
               Energy 10.8%
   300,000       Berry Petroleum Company Class A......................             5,577,000
   200,000       Devon Energy Corporation.............................            10,900,000
 2,000,000       GeoMet, Inc. (a)(b)..................................             2,200,000
   670,000       McMoRan Exploration Co. (a)..........................             3,993,200
   345,700       Murphy Oil Corporation...............................            18,778,424
   240,000       Nexen Inc............................................             5,196,000
                                                                                ------------
                                                                                  46,644,624
                                                                                ------------
               Health Care 2.2%
   110,000       Abbott Laboratories..................................             5,174,400
   100,000       Medtronic, Inc.......................................             3,489,000
   260,000       Vical Inc. (a).......................................               702,000
                                                                                ------------
                                                                                   9,365,400
                                                                                ------------
               Information Technology Services 5.1%
 1,700,000       Convergys Corporation (a)............................            15,776,000
   930,000       Xerox Corporation....................................             6,026,400
                                                                                ------------
                                                                                  21,802,400
                                                                                ------------



                                     [ 6 ]




 Prin. Amt.
 or Shares                                                                          Value
 ---------                                                                          -----
                                                                          
               Insurance 32.7%
    10,000       Erie Indemnity Co. Class A...........................          $    357,600
    70,000       The Plymouth Rock Company, Inc.
                   Class A (b)(d).....................................           140,000,000
                                                                                ------------
                                                                                 140,357,600
                                                                                ------------
               Manufacturing 14.0%
   870,000       Brady Corporation Class A............................            21,854,400
   200,000       Carlisle Companies Inc...............................             4,808,000
   400,000       Dover Corporation....................................            13,236,000
   200,000       General Electric Company.............................             2,344,000
   100,000       Precision Castparts Corp.............................             7,303,000
   230,000       Roper Industries, Inc................................            10,421,300
                                                                                ------------
                                                                                  59,966,700
                                                                                ------------
               Retailing 1.5%
    28,751       Aerogroup International, Inc. (a)(d).................               385,838
   200,000       Walgreen Co..........................................             5,880,000
                                                                                ------------
                                                                                   6,265,838
                                                                                ------------
                   Total Portfolio Securities
                     (cost $267,894,539)(e)...........................          $394,536,812
                                                                                ------------

                           SHORT-TERM INVESTMENTS 7.9%

               Money Market Fund 0.3%
 1,463,673       Fidelity Institutional Money Market
                   Government Portfolio...............................             1,463,673

               U.S. Treasury Bills 7.6%
32,521,000       U.S. Treasury Bills 0.08% - 0.26%
                   due 7/23/09 - 10/22/09 (c).........................            32,508,886
                                                                                ------------

                      Total Short-Term Investments
                        (cost $33,972,559)(e).........................            33,972,559
                                                                                ------------

                      Total Investments (99.8%).......................           428,509,371
                      Cash, receivables and other assets
                        less liabilities (0.2%).......................               919,051
                                                                                ------------
                      Net Assets (100%)...............................          $429,428,422
                                                                                ============


----------
(a)   Non-dividend paying.

(b)   Affiliate as defined in the Investment Company Act of 1940.

(c)   Value based on Level 2 inputs - see Note 2.

(d)   Valued at estimated fair value based on Level 3 inputs - see Note 2.

(e)   Aggregate cost for Federal tax purposes is substantially the same.

                 See accompanying notes to financial statements.


                                     [ 7 ]


                       STATEMENT OF ASSETS AND LIABILITIES
                                  June 30, 2009
                                   (Unaudited)



                                                                                                                
ASSETS:
    Investments:
        General portfolio securities at market value
          (cost $252,035,621)........................................................          $252,336,812
        Securities of affiliated companies (cost $15,858,918)
          (Notes 6 and 7)............................................................           142,200,000
        Short-term investments (cost $33,972,559)....................................            33,972,559           $428,509,371
                                                                                               ------------
    Cash, receivables and other assets:
        Cash.........................................................................               170,397
        Dividends and interest receivable............................................                49,111
        Receivable for securities sold...............................................               611,140
        Office equipment and leasehold improvements, net.............................               202,926
        Other assets.................................................................                97,005              1,130,579
                                                                                               ------------           ------------
            Total Assets.............................................................                                  429,639,950
LIABILITIES:
    Accrued expenses and reserves....................................................               211,528
                                                                                               ------------
            Total Liabilities........................................................                                      211,528
                                                                                                                      ------------
NET ASSETS...........................................................................                                 $429,428,422
                                                                                                                      ============
NET ASSETS are represented by:
    Common Stock $1 par value: authorized
      30,000,000 shares; issued 22,336,013 (Note 3)..................................                                  $22,336,013
    Surplus:
        Paid-in......................................................................          $279,078,341
        Accumulated net loss on sales of investments.................................              (451,241)
        Undistributed net investment income..........................................             2,474,140            281,101,240
                                                                                               ------------
    Net unrealized appreciation of investments.......................................                                  126,642,273
    Treasury stock, at cost (53,600 shares of Common Stock)
      (Note 3).......................................................................                                     (651,104)
                                                                                                                      ------------
NET ASSETS...........................................................................                                 $429,428,422
                                                                                                                      ============
NET ASSET VALUE PER COMMON SHARE
    (22,282,413 shares outstanding)....................................................                                  $19.27
                                                                                                                         ======


                 See accompanying notes to financial statements.


                                     [ 8 ]


                             STATEMENT OF OPERATIONS
                     For the six months ended June 30, 2009
                                   (Unaudited)



                                                                                                                   
INVESTMENT INCOME
Income:
    Dividends (net of foreign withholding taxes of $3,519)..................................           $ 5,019,495
    Interest................................................................................                52,734       $ 5,072,229
                                                                                                       -----------
Expenses:
    Investment research.....................................................................               449,375
    Administration and operations...........................................................               399,125
    Occupancy costs.........................................................................               225,689
    Franchise and miscellaneous taxes.......................................................               102,637
    Insurance...............................................................................                82,265
    Directors' fees.........................................................................                80,750
    Stationery, supplies, printing and postage..............................................                67,270
    Listing, software and sundry fees.......................................................                57,625
    Legal, auditing and tax fees............................................................                38,862
    Travel and telephone....................................................................                26,225
    Transfer agent and registrar fees and expenses..........................................                22,640
    Custodian fees..........................................................................                10,496
    Miscellaneous...........................................................................                52,135         1,615,094
                                                                                                       -----------       -----------
Net investment income.......................................................................                               3,457,135

NET REALIZED AND UNREALIZED GAIN (LOSS)
  ON INVESTMENTS
Net realized loss from investment transactions..............................................              (451,241)
Net increase in unrealized appreciation of investments......................................            31,889,796
                                                                                                       -----------
    Net gain on investments.................................................................                              31,438,555
                                                                                                                         -----------
NET INCREASE IN NET ASSETS RESULTING FROM
  OPERATIONS................................................................................                             $34,895,690
                                                                                                                         ===========


                 See accompanying notes to financial statements.


                                     [ 9 ]


                       STATEMENTS OF CHANGES IN NET ASSETS
                     For the six months ended June 30, 2009
                      and the year ended December 31, 2008



                                                                                               Six months
                                                                                                 ended                  Year ended
                                                                                             June 30, 2009             December 31,
                                                                                              (Unaudited)                  2008
                                                                                              -----------                  ----
                                                                                                                
FROM OPERATIONS:
   Net investment income .........................................................           $   3,457,135            $   8,254,733
   Net realized gain (loss) on investments .......................................                (451,241)              43,582,234
   Net increase (decrease) in unrealized
      appreciation of investments ................................................              31,889,796             (261,798,917)
                                                                                             -------------            -------------
         Increase (decrease) in net assets
            resulting from operations ............................................              34,895,690             (209,961,950)
                                                                                             -------------            -------------
DISTRIBUTIONS TO STOCKHOLDERS FROM:
   Net investment income .........................................................              (1,944,635)              (7,791,012)
   Net realized gain from investment transactions ................................                (283,606)             (44,387,916)
                                                                                             -------------            -------------
         Decrease in net assets from distributions ...............................              (2,228,241)             (52,178,928)
                                                                                             -------------            -------------
FROM CAPITAL SHARE TRANSACTIONS: (Note 3)
   Distribution to stockholders reinvested in Common Stock .......................                      --               20,932,558
   Cost of shares of Common Stock repurchased ....................................                (592,088)              (6,261,343)
                                                                                             -------------            -------------
         Increase (decrease) in net assets from capital
            share transactions ...................................................                (592,088)              14,671,215
                                                                                             -------------            -------------
               Total increase (decrease) in net assets ...........................              32,075,361             (247,469,663)
NET ASSETS:
   Beginning of period ...........................................................             397,353,061              644,822,724
                                                                                             -------------            -------------
   End of period (including undistributed net investment income
      of $2,474,140 and $961,640, respectively) ..................................           $ 429,428,422            $ 397,353,061
                                                                                             =============            =============


                 See accompanying notes to financial statements.


                                     [ 10 ]


                             STATEMENT OF CASH FLOWS
                     For the six months ended June 30, 2009
                                   (Unaudited)



                                                                                                              
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net increase in net assets from operations..............................................                        $34,895,690
    Adjustments to net increase in net assets from operations:
      Purchase of securities................................................................     ($ 8,894,331)
      Proceeds from securities sold.........................................................       13,817,451
      Net purchase of short-term investments................................................      (10,785,959)
      Net realized loss from investments....................................................          451,241
      Increase in unrealized appreciation...................................................      (31,889,796)
      Depreciation and amortization.........................................................           41,419
      Changes in operating assets and liabilities:
        Decrease in dividends and interest receivable.......................................           85,798
        Increase in office equipment and
            leasehold improvements..........................................................           (1,497)
        Increase in other assets............................................................          (15,037)
        Increase in receivable for securities sold..........................................         (611,140)
        Decrease in accrued expenses and reserves...........................................          (95,149)
                                                                                                 ------------
      Total adjustments.....................................................................                        (37,897,000)
                                                                                                                    -----------
Net cash used by operating activities.......................................................                         (3,001,310)
CASH FLOWS FROM FINANCING ACTIVITIES:
    Dividends paid..........................................................................       (5,354,696)
    Treasury shares repurchased.............................................................         (592,088)
                                                                                                 ------------
Cash flows used in financing activities.....................................................                         (5,946,784)
                                                                                                                    -----------
Net decrease in cash........................................................................                         (8,948,094)
Cash at beginning of period.................................................................                          9,118,491
                                                                                                                    -----------
Cash at end of period.......................................................................                        $   170,397
                                                                                                                    ===========


                 See accompanying notes to financial statements.


                                     [ 11 ]


                  NOTES TO FINANCIAL STATEMENTS -- (unaudited)

      1. Significant  Accounting Policies -- Central Securities Corporation (the
"Corporation")  is  registered  under the  Investment  Company  Act of 1940,  as
amended, as a non-diversified,  closed-end  management  investment company.  The
following  is a summary  of the  significant  accounting  policies  consistently
followed by the  Corporation  in the  preparation  of its financial  statements.
These policies are in conformity with generally accepted accounting  principles.
Subsequent  events  have been  evaluated  through  July 23,  2009,  the date the
financial statements were available to be issued.

      Security  Valuation  --  Marketable  securities  are valued at the last or
            closing  sale price or, if  unavailable,  at the  closing bid price.
            Investments  in money market funds are valued at net asset value per
            share.  Other  short-term  investments are valued at amortized cost,
            which  approximates  market  value.  Securities  for  which no ready
            market  exists  are valued at  estimated  fair value by the Board of
            Directors.

      Federal Income  Taxes  -- It  is the  Corporation's  policy  to  meet  the
            requirements  of the Internal  Revenue Code  applicable to regulated
            investment  companies and to distribute all of its taxable income to
            its  stockholders.  Therefore,  no  Federal  income  taxes have been
            accrued.

      Use of  Estimates  -- The  preparation  of  the  financial  statements  in
            accordance with generally accepted  accounting  principles  requires
            management to make estimates and assumptions that affect the amounts
            reported. Actual results may differ from such estimates.

      Other -- Security transactions are accounted for as of the trade date, and
            cost of securities  sold is  determined by specific  identification.
            Dividend income and  distributions  to stockholders  are recorded on
            the ex-dividend date. Interest income is accrued daily.

      2.  Fair  Value   Measurements  --  The   Corporation's   investments  are
categorized  below in three  broad  hierarchical  levels  based on market  price
observability as follows:

      o     Level  1  --  Quoted   prices  in  active   markets  for   identical
            investments.  The  Corporation's  Level  1  investments  consist  of
            securities  listed  on a  national  securities  exchange  or  NASDAQ
            national market and money market funds;

      o     Level  2  --  Other   significant   observable  data  obtained  from
            independent   sources;   for  example   quoted  prices  for  similar
            investments or the use of models or other  valuation  methodologies.
            The  Corporation's   Level  2  investments   consist  of  short-term
            investments, carried at amortized cost;

      o     Level  3  --   Significant   unobservable   inputs   including   the
            Corporation's  own  assumptions  based  upon  the  best  information
            available.  Investments categorized as Level 3 include securities in
            which there is little,  if any, market activity.  The  Corporation's
            Level 3 investments  consist of The Plymouth Rock Company,  Inc. and
            Aerogroup International, Inc.

      The  methodology  used  for  valuing  securities  is  not  necessarily  an
indication of the risk associated with investing in those securities.

      The  Corporation's  investments  as of June  30,  2009 are  classified  as
follows:

               Valuation Inputs            Investments in Securities
               ----------------            -------------------------
               Level 1                           $255,614,647
               Level 2                             32,508,886
               Level 3                            140,385,838
                                                 ------------
               Total                             $428,509,371
                                                 ============


                                     [ 12 ]


             NOTES TO FINANCIAL STATEMENTS -- continued (unaudited)

      The  following  is  a  reconciliation   of  assets  in  which  significant
unobservable inputs (Level 3) were used in determining fair value:

   Balance as of December 31, 2008                               $126,385,838
   Net increase in unrealized appreciation of investments          14,000,000
                                                                 ------------
   Balance as of June 30, 2009                                   $140,385,838
                                                                 ============

      No Level 3 investments  were purchased,  sold or transferred to Level 1 or
Level 2 during the six months ended June 30,  2009.  The  Corporation's  Level 3
investments  are valued by the Board of Directors.  This  valuation is primarily
based on a  comparable  company  valuation  analysis  and review of  independent
appraisals. In addition, consideration is given to corporate governance, private
transactions, company and industry outlooks and general market conditions.

      3. Common Stock -- The Corporation repurchased 49,400 shares of its Common
Stock in the first six months of 2009 at an  average  price of $11.99 per share,
representing an average discount from net asset value of 23.6%. It may from time
to time purchase Common Stock in such amounts and at such prices as the Board of
Directors deem advisable in the best  interests of the  stockholders.  Purchases
will only be made at less than net asset value per share, thereby increasing the
net asset value of shares held by the remaining stockholders. Shares so acquired
may be held as treasury stock available for optional stock distributions, or may
be retired.

      4. Investment  Transactions -- The aggregate cost of securities  purchased
and the aggregate  proceeds of securities  sold during the six months ended June
30, 2009,  excluding  short-term  investments,  were $8,894,331 and $13,817,451,
respectively.

      As of June 30, 2009,  based on cost for Federal  income tax purposes,  the
aggregate gross unrealized appreciation and depreciation for all securities were
$213,647,047 and $87,004,774, respectively.

      5. Operating  Expenses -- The aggregate  remuneration  paid during the six
months ended June 30, 2009 to officers and  directors  amounted to $829,500,  of
which  $80,750 was paid as fees to directors  who were not  officers.  Employees
also participate in a profit sharing retirement plan.  Contributions to the plan
are made at the  discretion  of the Board of Directors,  and each  participant's
benefits vest after three years of employment. No contributions were made to the
plan for the six months ended June 30, 2009.

      6.  Affiliates -- The Plymouth Rock Company,  Inc. and GeoMet,  Inc.,  are
affiliates  as defined in the  Investment  Company  Act of 1940.  During the six
months ended June 30, 2009,  the  Corporation  received  dividends of $2,970,800
from  affiliates.  Unrealized  appreciation  related to affiliates  increased by
$12,760,000  for the six  months  ended  June  30,  2009  to  $126,341,082.  The
President of the Corporation is a director of Plymouth Rock.

      7. Restricted  Securities -- The Corporation  from time to time invests in
securities the resale of which is restricted.  On June 30, 2009 such investments
had an  aggregate  value  of  $140,385,838,  which  was  equal  to  32.7% of the
Corporation's net assets. Investments in restricted securities at June 30, 2009,
including acquisition dates and cost, were:



            Company                   Shares          Security          Date Acquired          Cost
------------------------------        ------        -------------       -------------       ----------
                                                                                
Aerogroup International, Inc.         28,751        Common Stock            6/21/05         $   17,200
The Plymouth Rock Company, Inc.       60,000        Class A Stock          12/15/82          1,500,000
The Plymouth Rock Company, Inc.       10,000        Class A Stock           6/9/84             699,986


      The  Corporation  does not have the  right to demand  registration  of the
restricted securities.

      8.  Operating  Lease  Commitment  -- The  Corporation  has entered into an
operating  lease for office space which  expires in 2014 and provides for future
minimum rental payments in the aggregate amount of  approximately  $1.9 million.
The lease agreement contains  escalation clauses relating to operating costs and
real property  taxes.  Future  minimum  rental  commitments  under the lease are
$170,903 remaining for 2009 and $341,806 annually thereafter.


                                     [ 13 ]


--------------------------------------------------------------------------------

             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF
  CENTRAL SECURITIES CORPORATION

      We have  reviewed the  accompanying  statement of assets and  liabilities,
including the statement of investments,  of Central Securities Corporation as of
June 30, 2009, and the related statements of operations,  changes in net assets,
cash flows and  financial  highlights  for the  six-month  period ended June 30,
2009.  These  interim  financial  statements  and financial  highlights  are the
responsibility of Central Securities Corporation's management.

      We conducted  our review in  accordance  with the  standards of the Public
Company  Accounting  Oversight  Board  (United  States).  A  review  of  interim
financial information consists principally of applying analytical procedures and
making inquiries of persons responsible for financial and accounting matters. It
is  substantially  less in scope than an audit  conducted in accordance with the
standards of the Public Company Accounting  Oversight Board (United States), the
objective  of which is the  expression  of an opinion  regarding  the  financial
statements taken as a whole. Accordingly, we do not express such an opinion.

      Based on our review, we are not aware of any material  modifications  that
should be made to the interim  financial  statements  and  financial  highlights
referred  to above for them to be in  conformity  with U.S.  generally  accepted
accounting principles.

      We have previously audited, in accordance with the standards of the Public
Company Accounting  Oversight Board (United States), the statement of changes in
net assets for the year ended  December 31, 2008 and  financial  highlights  for
each of the years in the five-year  period ended  December 31, 2008,  and in our
report  dated  February  2, 2009 we  expressed  an  unqualified  opinion on such
statement of changes in net assets and financial highlights.

                                                            KPMG LLP

New York, NY
July 23, 2009

--------------------------------------------------------------------------------


                                     [ 14 ]


                          OTHER STOCKHOLDER INFORMATION

                               Direct Registration

      The  Corporation  utilizes direct  registration,  a system that allows for
book-entry  ownership and the electronic  transfer of the Corporation's  shares.
Stockholders  may find direct  registration  a convenient  way of managing their
investment. Stockholders wishing certificates may request them.

      A  pamphlet   which   describes   the  features  and  benefits  of  direct
registration, including the ability of shareholders to deposit certificates with
our transfer agent,  can be obtained by calling  Computershare  Trust Company at
1-800-756-8200,  calling the  Corporation  at  1-866-593-2507  or  visiting  our
website: www.centralsecurities.com under Contact Us.

                         Annual Meeting of Stockholders

      The annual meeting of  stockholders  of the  Corporation was held on March
11, 2009. At the meeting all of the directors of the Corporation  were reelected
by the  following  vote of the holders of the Common Stock:  Simms C.  Browning,
20,312,173  shares in favor,  606,414  withheld;  Donald G.  Calder,  20,313,992
shares in favor,  604,595 shares withheld;  Jay R. Inglis,  20,301,700 shares in
favor, 616,887 shares withheld;  Dudley D. Johnson,  20,314,331 shares in favor,
604,256 shares withheld;  Wilmot H. Kidd,  20,311,008  shares in favor,  607,579
shares withheld;  and C. Carter Walker, Jr., 20,310,217 shares in favor, 608,370
shares withheld.

      In  addition,  the  selection of KPMG LLP as  independent  auditors of the
Corporation  for the year 2009 was ratified by the following vote of the holders
of the Common Stock:  20,356,349 shares in favor, 487,583 shares against, 74,655
shares abstaining.

                      Proxy Voting Policies and Procedures

      The policies and  procedures  used by the  Corporation to determine how to
vote proxies relating to portfolio securities and the Corporation's proxy voting
record for the  twelve-month  period  ended  June 30,  2009 are  available:  (1)
without charge,  upon request,  by calling us at our toll-free  telephone number
(1-866-593-2507),  (2) on the Corporation's website at www.centralsecurities.com
and (3) on the Securities and Exchange Commission's website at www.sec.gov.

                         Quarterly Portfolio Information

      The Corporation files its complete schedule of portfolio holdings with the
sec for the first and the third  quarter of each  fiscal  year on Form N-Q.  The
Corporation's   Form  N-Q  filings  are   available  on  the  SEC's  website  at
www.sec.gov.  Those  forms  may be  reviewed  and  copied  at the  SEC's  Public
Reference  Room in Washington  D.C.  Information  on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.


                                     [ 15 ]


                               BOARD OF DIRECTORS

                           Simms C. Browning, Chairman
                                Donald G. Calder
                                David C. Colander
                                  Jay R. Inglis
                                Dudley D. Johnson
                                 Wilmot H. Kidd
                              C. Carter Walker, Jr.

                                    OFFICERS

                            Wilmot H. Kidd, President
                Charles N. Edgerton, Vice President and Treasurer
                         Marlene A. Krumholz, Secretary

                                     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


                                     [ 16 ]



Item 2. Code of Ethics.  The information  required by this Item is only required
in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Experts. The information required by this Item
is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services. The information required by this
Item is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.  The information required by this
Item is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments. Schedule is included as a part of the report to
shareholders filed under Item 1 of this Form.

Item 7. Disclose Proxy Voting Policies and Procedures for Closed-End Management
Companies. The information required by this Item is only required in an annual
report on this Form N-CSR.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. The
information required by this Item is only required in an annual report on this
Form N-CSR.

Item 9.  Purchases of Equity  Securities  by  Closed-End  Management  Investment
Company and Affiliated Purchasers.



----------------------------------------------------------------------------------------------------------------------------------
                                                                                                       (d) Maximum Number (or
                                                                  (c) Total Number of Shares (or    Approximate Dollar Value) of
      Period           (a) Total Number of    (b) Average Price    Units) Purchased as Part of     Shares (or Units) that May Yet
                        Shares (or Units)    Paid per Share (or    Publicly Announced Plans or      Be Purchased Under the Plans
                            Purchased               Unit)                    Programs                        or Programs
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
Month #1 (January 1             0                    NA                         NA                               NA
through January 31)
----------------------------------------------------------------------------------------------------------------------------------
Month #2 (February 1            0                    NA                         NA                               NA
through February 28)
----------------------------------------------------------------------------------------------------------------------------------
Month #3 (March 1            28,600                $10.913                      NA                               NA
through March 31)
----------------------------------------------------------------------------------------------------------------------------------
Month #4 (April 1            20,800                $13.461                      NA                               NA
through April 30)
----------------------------------------------------------------------------------------------------------------------------------
Month #5 (May 1                 0                    NA                         NA                               NA
through May 31)
----------------------------------------------------------------------------------------------------------------------------------
Month #6 (June 1                0                    NA                         NA                               NA
through June 30)
----------------------------------------------------------------------------------------------------------------------------------
Total                        49,400                $11.986                      NA                               NA
----------------------------------------------------------------------------------------------------------------------------------




Item 10. Submission of Matters to a Vote of Security Holders. There have been no
changes to the procedures by which shareholders may recommend nominees to the
registrant's board of directors since such procedures were last described in the
Corporation's proxy statement dated February 5, 2009.

Item 11. Controls and Procedures.

(a) The Principal Executive Officer and Principal Financial Officer of Central
Securities Corporation (the "Corporation") have concluded that the Corporation's
Disclosure Controls and Procedures (as defined in Rule 30a-2(c) under the
Investment Company Act of 1940) are effective based on their evaluation of the
Disclosure Controls and Procedures as of a date within 90 days of the filing
date of this report.

(b) There have been no changes in the Corporation's internal control over
financial reporting (as defined in Rule 30a-3(d)) under the Investment Company
Act of 1940 that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the Corporation's internal control over financial reporting.

Item 12. Exhibits. (a) Any code of ethics, or amendment thereto, that is the
subject of the disclosure required by Item 2, to the extent that the registrant
intends to satisfy the Item 2 requirements through filing of an exhibit. The
information required by this Item is only required in an annual report on this
Form N-CSR.

(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act.
Attached hereto.

(c) Any written solicitation to purchase securities under Rule 23c-1 under the
Act sent or given during the period covered by the report by or on behalf of the
registrant to 10 or more persons. Not Applicable.



                                   SIGNATURES

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934 and
the  Investment  Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.

Central Securities Corporation

By: /s/ Wilmot H. Kidd
   -------------------------------
Wilmot H. Kidd
President

July 30, 2009
-------------
Date

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934 and
the  Investment  Company Act of 1940,  this report has been signed  below by the
following persons on behalf of the registrant and in the capabilities and on the
dates indicated.

By: /s/ Wilmot H. Kidd
   -------------------------------
Wilmot H. Kidd
President

July 30, 2009
-------------
Date

By: /s/ Charles N. Edgerton
   -------------------------------
Charles N. Edgerton
Treasurer

July 30, 2009
-------------
Date