August 3, 1994
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
SUPPLEMENT TO PROSPECTUS
DATED JANUARY 24, 1994
I. PROPOSED MERGER OF THE DREYFUS CORPORATION
The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered into
an Agreement and Plan of Merger (the "Merger Agreement") providing for the
merger (the "Merger") of Dreyfus with a subsidiary of Mellon Bank, N.A.
("Mellon").
Following the Merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon. Closing of the Merger is subject to a number of
contingencies, including approvals of the stockholders of Dreyfus and of
Mellon. The Merger is expected to occur in late August 1994, but could occur
significantly later.
The Merger will result in the automatic termination of the Fund's current
investment advisory agreement with Dreyfus, as required by the Investment
Company Act of 1940, as amended. The Merger also will necessitate
implementation of a new Service Plan.
II. RESULTS OF FUND SHAREHOLDER VOTE
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY
INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
On August 3, 1994, the Fund's shareholders voted to (a) approve (i) a new
investment advisory agreement with Dreyfus, and (ii) a new Service Plan, each
to become effective upon consummation of the Merger, (b) adopt an amendment to
the Fund's Charter to permit the issuance of additional classes of shares, and
(c) change certain of the Fund's fundamental policies and investment
restrictions to permit the Fund to borrow money to the extent permitted under
the Investment Company Act of 1940, as amended.
(CONTINUED ON REVERSE SIDE)
III. REVISED MANAGEMENT POLICIES
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION
WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED "DESCRIPTION OF THE FUND --
MANAGEMENT POLICIES."
BORROWING MONEY -- As a fundamental policy, the Fund is permitted to borrow
to the extent permitted under the Investment Company Act of 1940, as amended.
However, the Fund currently intends to borrow money only for temporary or
emergency (not leveraging) purposes, in an amount up to 15% of the value of the
Fund's total assets (including the amount borrowed) valued at the lesser of
cost or market, less liabilities (not including the amount borrowed) at the
time the borrowing is made. While borrowings exceed 5% of the Fund's total
assets, the Fund will not make any additional investments.
949/stkr080394
August 3, 1994
GENERAL NEW YORK MUNICIPAL BOND FUND, INC.
Supplement to the Statement of Additional Information
Dated January 24, 1994
At a meeting of Fund shareholders held on August 3, 1994,
shareholders approved a new Investment Restriction which
supersedes and replaces the Fund's current Investment
Restriction numbered 2 in the section in the Fund's Statement of
Additional Information entitled "Investment Objective and
Management Policies--Investment Restrictions." Investment
Restriction number 2 is a fundamental policy that cannot be
changed without approval by the holders of a majority (as
defined in the Investment Company Act of 1940, as amended (the
"Act")) of the Fund's outstanding voting shares. The Fund may
not:
2. Borrow money, except to the extent permitted under the
Act. For purposes of this investment restriction, the entry
into options, forward contracts, futures contracts, including
those relating to indexes, and options on futures contracts or
indexes shall not constitute borrowing.
The following information supplements and should be read in
conjunction with the section in the Fund's Statement of
Additional Information entitled "Shareholder Services."
Dreyfus Dividend ACH. Dreyfus Dividend ACH permits a
shareholder to transfer electronically their dividends or
dividends and capital gains, if any, from the Fund to a
designated bank account. Only an account maintained at a
domestic financial institution which is an Automated Clearing
House member may be so designated. Banks may charge a fee for
this service. For more information concerning Dreyfus Dividend
ACH, or to request a Dividend Options form, please call toll
free 1-800-645-6561. You may cancel this privilege by mailing
written notification to The Dreyfus Family of Funds, P.O. Box
9671, Providence, Rhode Island 02940-9671. Enrollment or
cancellation is effective three business days following receipt.
This privilege is available only for existing accounts. The
Fund may modify or terminate this privilege at any time or
charge a service fee. No such fee is currently contemplated.
