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SIGNATURE STEPHANIE D. PIERCE
TITLE VP/ASST.TREAS.& SECY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000030158
<NAME> DREYFUS LIQUID ASSETS, INC
<MULTIPLIER> 1000
<S> <C>
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<TOTAL-ASSETS> 5407294
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<OTHER-ITEMS-LIABILITIES> 8090
<TOTAL-LIABILITIES> 8090
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5399198
<SHARES-COMMON-STOCK> 5400073
<SHARES-COMMON-PRIOR> 5385401
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
Dreyfus Liquid Assets, Inc.
In planning and performing our audit of the financial statements of
Dreyfus Liquid Assets, Inc. 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 Dreyfus Liquid Assets, Inc. 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 at December 31, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of Dreyfus Liquid Assets, Inc., and the
Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
ERNST & YOUNG LLP
February 2, 2000
