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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
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<CIK> 0000104300
<NAME> THE WALL STREET FUND, INC.
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</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
The Wall Street Fund, Inc.
In planning and performing our audit of the financial
statements of The Wall Street Fund, Inc. for the year
ended December 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Wall Street Management Corporation is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a condition
in which the design or operation of one or more of the
internal control components does not reduce to a
relatively low level the risk that misstatements
caused by error or fraud in amounts that would be
material in relation to the financial statements being
audited may occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including
controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and
use of management, the Board of Directors of Wall
Street Management Corporation, and the Securities and
Exchange Commission.
New York, New York
February 19, 1999
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxx
77(K) Change in Certifying Accountant:
The Fund terminated the service of PriceWaterhouseCoopers
(PWC) as independent auditor of the Fund on January
8, 1999.
None of the reports of PWC on the financial statements
Of the Fund for either of the past two years contained an
adverse opinion or a disclaimer of opinion, or was qualified
Or modified as to uncertainty, audit scope or accounting
principles. During the Funds two most recent fiscal years
And subsequent interim period preceding the termination of
PWC, there were no disagreements with PWC on any matter of
accounting principle or practices, financial statement
disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of PWC
would have caused it to make reference to the subject matter
Of disagreement in connection with its report. None of the
reportable events listed in Item 304(a)(1)(v) of Regulation
S-K occurred with respect to the Fund during the Funds two
most recent fiscal years and the subsequent interim period
preceding the termination of PWC.
On January 8, 1999, the Fund upon the recommendation of
the Audit Committee of the Board of Directors, engaged
McGladrey & Pullen, LLP (M&P) as its independent auditor.
During the Funds two most recent fiscal years and the
subsequent interim period preceding the engagement of M&P,
neither the Fund nor anyone on its behalf consulted M&P
regarding the application of accounting principles to a
specified completed or contemplated transaction or the type
of audit opinion that might be rendered on the Funds
financial statements, and no written or oral advice
concerning same was provided to the Fund that was an
important factor considered by the Fund in reaching a
decision as to any accounting, auditing or financial
reporting issue.
