EXHIBIT 21


                           SUBSIDIARIES OF THE COMPANY



                                             
Central                                Co-operative Bank 100% owned by the
                                       Company, incorporated under the laws
                                       of the Commonwealth of
                                       Massachusetts.

Central Securities Corporation         100% owned by the Bank, incorporated under the laws of the Commonwealth of Massachusetts.

Central Securities Corporation II      100% owned by the Bank, incorporated under the laws of the Commonwealth of Massachusetts.