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<PAGE> PAGE 2
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SIGNATURE MICHAEL T. GODACK
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 144,922,479
<INVESTMENTS-AT-VALUE> 180,635,339
<RECEIVABLES> 1,748,212
<ASSETS-OTHER> 26,944
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 183,437,673
<PAYABLE-FOR-SECURITIES> 1,778,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 444,353
<TOTAL-LIABILITIES> 2,223,343
<SENIOR-EQUITY> 90,445
<PAID-IN-CAPITAL-COMMON> 145,034,760
<SHARES-COMMON-STOCK> 9,044,450
<SHARES-COMMON-PRIOR> 5,308,459
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 376,265
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,712,860
<NET-ASSETS> 181,214,330
<DIVIDEND-INCOME> 1,784,070
<INTEREST-INCOME> 3,806,231
<OTHER-INCOME> 34,170
<EXPENSES-NET> 1,372,551
<NET-INVESTMENT-INCOME> 4,251,920
<REALIZED-GAINS-CURRENT> 5,155,949
<APPREC-INCREASE-CURRENT> 19,033,538
<NET-CHANGE-FROM-OPS> 28,441,407
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,151,311
<DISTRIBUTIONS-OF-GAINS> 5,054,261
<DISTRIBUTIONS-OTHER> 127,012
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<SHARES-REINVESTED> 486,121
<NET-CHANGE-IN-ASSETS> 89,722,676
<ACCUMULATED-NII-PRIOR> 183,071
<ACCUMULATED-GAINS-PRIOR> 458,869
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,028,465
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,372,551
<AVERAGE-NET-ASSETS> 136,347,313
<PER-SHARE-NAV-BEGIN> 17.24
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> 3.58
<PER-SHARE-DIVIDEND> .68
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
Greenspring Fund, Incorporated
In planning and performing our audit of the financial statements and
financial highlights of Greenspring Fund, Incorporated (the "Fund") for the
year
ended December 31, 1997, we considered its internal control structure,
including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements
and financial highlights and to comply with the requirements of Form
N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements by management are required to assess the
expected
benefits and related costs of internal control structure policies and
procedures.
Two of the objectives of an internal control structure are to provide
management
with reasonable, but not absolute, assurance that assets are safeguarded
against
loss from unauthorized use or disposition and that transactions are executed
in
accordance with management's authorization and recorded properly to
permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified
Public Accountants. A weakness is a condition in which the design or
operation
of the specific internal control structure elements does not reduce to a
relatively
low level the risk that errors or irregularities in amounts that would be
material
in relation to the financial statements and financial highlights 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 the internal control structure, including procedures for
safeguarding
securities, that we consider to be material weaknesses, as defined above, as
of
December 31, 1997.
This report is intended solely for the information and use of the
management and Board of Directors of the Fund and the Securities and
Exchange
Commission.
Coopers & Lybrand L.L.P.
Baltimore, MD
January 30, 1998
