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SIGNATURE MICHAEL T. GODACK
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
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</TABLE>
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, Inc. (hereafter referred to as the "Fund")
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 the Corporation is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgements 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 and
financial highlights 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 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 structure 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 and financial highlights being audited may occur and not be
detected within a timely period by employees in the normal course of
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 the Board of
Directors and management of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Baltimore, MD
January 29, 1999
