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SIGNATURE BERNADETTE N. FINN
TITLE SECRETARY
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
The Board of Directors
New York Daily Tax Free Income Fund, Inc.
In planning and performing our audit of the financial statements of New York
Daily Tax Free Income Fund, Inc. for the year ended April 30, 1998, we
considered its internal control, including controls over 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 New York Daily Tax Free Income Fund, 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 safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or frauds 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 any
specific internal control component 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 internal control, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
May 20, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
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schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
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<NAME> New York Daily Tax Free Income Fund, Inc.
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<NUMBER> 1
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
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<CIK> 0000740372
<NAME> New York Daily Tax Free Income Fund, Inc.
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<NAME> Class B
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</TABLE>
