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SIGNATURE JIM COLANTINO
TITLE SENIOR ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Accountants
To the Board of Directors
The Wall Street Fund, Inc.
In planning and performing our audit of the financial statements of The Wall
Street Fund for the year ended December 31, 1999, 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 The Wall Street Fund 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, errors 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 controls
may become inadequate because of changes in conditions or that the
effectiveness of their 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, 1999.
This report is intended solely for the information and use of the Board
of Directors, management and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
New York, New York
February 11, 2000
CHANGE IN INDEPENDENT ACCOUNTANT
On August 27, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as
independent auditors of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP (PwC) to acquire McGladreys
investment company practice. The McGladrey partners and professionals
serving the Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during
the prior fiscal year contained no adverse opinion or disclaimer of
opinion, and were not qualified or modified as to uncertainty, audit
Scope or accounting principles.
In connection with its audit for the year ended December 31, 1998 and
through August 27, 1999, there were no disagreements with McGladrey 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 McGladrey would
have caused it to make reference to the subject matter of disagreement
in connection with its report.
Effective for December 31, 1999 the Fund, with the approval of its
Board of Directors and its Audit Committee, engaged PwC as its
independent auditors.
