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Central Securities Corporation


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Plymouth Rock's web site www.prac.com has annual reports and yearly appraisal information.  The 2009 appraisal valued Plymouth shares at $3,265 less a 20% discount for lack of marketability, resulting in a $2,610.00 per share value.  It looks like Central Securities discounts it further to $2,200 per share ($154 million divided by 70,000 shares).  EPS for Plymouth was around $200 per share in 2007 and 2008.  Book value was $1,543 at the end of 2008.  2009 results will benefit from the sale of Direct Response Coroporation which will result in a $14.9 million gain before income taxes ($81 per Plymouth share before income taxes).

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