INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of The 59 Wall Street Trust:
In planning and performing our audit of the financial statements of The 59
Wall Street Trust (the "Trust") including U.S. Treasury Money Fund, Tax Exempt
Money Fund, Money Market Fund, and Tax Free Short/Intermediate Fixed Income Fund
for the year ended June 30, 1999 (on which we have issued our report dated
August 13, 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, and not to provide assurance
on the Portfolio's internal control.
The management of the Trust 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 any 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 the Trust's 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 errors 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 the Trust's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1999.
This report is intended solely for the information and use of management,
the Trustees of The 59 Wall Street Trust, and the Securities and Exchange
Commission.
/s/ Deloitte & Touche LLP
August 18, 2000
