MATTHEW 25 FUND INC, 40-17F2, 1998-01-26

MATTHEW 25 FUND INC
40-17F2, 1998-01-26

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               January 3, 1998



U.S. Securities and Exchange Commission
450 Fifth Street, N.W.  Room 10091
Mail STOP 10-6
Washington, D.C.  20549

                                        
RE:  Matthew 25 Fund, Inc.
     File #811-7471
     Jenkintown, PA  19046

Gentlemen:

     This is to advise the Commission that we have
made our final count for the year ended December
31, 1997 of the securities held in custody by
Matthew 25 Fund, Inc.  Enclosed you will find the
original and one copy of our report which outlines
the scope of our physical examination of the
securities in question as well as our opinion as to
their correctness, along with Form 40-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of Management Investment
Companies.  


                                                  Cordially,




                                     LANDSBURG PLATT RASCHIATORE & DALTON

LPR&D/emk

Enclosure