DREYFUS NEW YORK MUNICIPAL INCOME, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus New York
Municipal Income, Inc. For its semi-annual reporting period ended March 31,
1996, your portfolio produced a total return, including bond price changes,
interest income and capital gain distributions, of 2.01%, based on net asset
value.* Income dividends exempt from Federal, New York State and New York
City personal income taxes of $.30 per share were paid to shareholders.**
This is equivalent to an annualized tax-free distribution rate per share of
5.75%.***
THE ECONOMY
Fresh signs of economic growth appeared in the first quarter of this
year. There were encouraging reports of strength in the housing market -
sales of new homes and new home construction surged in February. Factory
orders increased and order backlogs rose in January for the fifth consecutive
month. At present, there are indications that the labor market may be
tightening. Employment is rising and initial claims for unemployment
insurance are lessening. Some increases in real wages may result, a possibility
well worth noting since worker wages are emerging as a political issue in
this year's election. The surprisingly strong employment figures in February
caused a sharp rise in interest rates. As a result, fixed-income returns for
the first quarter of this year were negative.
Several factors that temporarily depressed economic activity have ended.
With the arrival of spring, the severe winter weather which suppressed
construction and discouraged consumer shopping is over. In addition, the
17-day strike at two General Motors brake-parts plants that nearly resulted
in a complete shutdown of GM North American manufacturing has been settled.
Apparently satisfied with the pace of economic growth, the Federal
Reserve Board left the Federal Funds rate unchanged in March. Over the past
12 months, the Fed has reduced the level of short-term interest rates three
times to spur the sluggish economy, the last reduction occurring on January
31, 1996.
Nevertheless, we are reluctant to paint an overly optimistic business
picture since much economic data still remains mixed. Business capital
spending has been an important stimulant to economic growth over the past few
years, particularly in light of the retrenchment in consumer spending. A
recent survey by the Commerce Department revealed that businesses plan only
modest increases in spending on new buildings and equipment this year
compared to 1995. Overall, the survey indicated that capital spending would
rise only 1.5% compared to last year's growth rate of 8.1%. The survey also
points out a significant divergence in the spending plans of manufacturing
companies relative to retailers and wholesalers. Influenced by strong export
growth, capital spending by manufacturers is estimated to rise 7.2%.
Conversely, weak consumer spending has resulted in retailers and wholesalers
cutting their capital spending estimates by 4%. The more cautious approach to
business spending may be an indication that overall economic growth in 1996
will be modest.
THE MARKET
Until recently, the overall municipal market had underperformed the
taxable market, as worries about a flat tax and a robust stock market pushed
the spread to Treasuries into a very tight range. In recent weeks, we have
seen an improvement in the ratio of municipals to Treasuries and spreads have
returned to a more normal relationship. In our view, the economic numbers
that have been released within the past month make any further cuts in the
Fed Funds rate a remote possibility. After a long period of low
inflation, we anticipate that going forward the rise in commodity prices
coupled with pressure on labor costs could translate into a higher inflation
rate than we have experienced over the past several years.
The New York market, as well as the national market, saw very little
issuance of new paper over the past quarter. We believe this is a trend that
will continue until municipalities are forced to deal with aging
infrastructure needs. New York paper has held up very well during this period
and the demand has remained strong. Although the State still must contend
with many fiscal problems and budget gaps, ratings for the State and State
appropriated paper have remained intact.
THE PORTFOLIO
During the past six months, there were no significant changes in the
structure of your Fund's portfolio. We maintained its defensive position
which emphasized income and relative stability. Accordingly, the duration of
the portfolio was kept below that of the Lehman Brothers New York Bond Index
throughout the reporting period. The net asset value as of March 31, 1996 was
$9.96, a drop of approximately $.09 from the September 30, 1995 net asset
value, adjusted for capital gain distributions, while the share price moved
from $9.6875 to $10.375 for the same period.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 15, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
***Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the market
price per share at the end of the period, adjusted for capital gain
distributions.
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DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-100.0% AMOUNT VALUE
_______ ______
<S> <C> <C>
NEW YORK-78.6%
Albany Industrial Development Agency, LR (New York State Assembly Building
Project)
7.75%, 1/1/2010......................................................... $ 1,225,000 $ 1,338,080
Babylon Industrial Development Agency, RRR (Ogden Martin System Babylon,
Inc.)
8.50%, 1/1/2019 (Prerefunded 7/1/1998) (a).............................. 1,480,000 1,661,359
New York City,
Refunding 7.25%, 8/15/2007.............................................. 1,500,000 1,678,920
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 720,000 768,730
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016.. 1,000,000 1,082,250
Special Facility Revenue (American Airlines Inc. Project):
8%, 7/1/2020.......................................................... 1,325,000 1,411,973
6.90%, 8/1/2024....................................................... 500,000 528,320
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue
7.75%, 6/15/2020 (Prerefunded 6/15/2001) (a)............................ 1,250,000 1,452,862
New York State Dormitory Authority, Revenue:
Judicial Facility Lease (Suffolk County Issue) 9.50%, 4/15/2014......... 1,000,000 1,166,500
Refunding (City University) 8.20%, 7/1/2013............................. 1,000,000 1,094,690
New York State Energy Research and Development Authority, PCR:
(Central Hudson Gas and Electric) 8.375%, 12/1/2028..................... 1,000,000 1,100,200
(Rochester Gas and Electric Co.) 8.375%, 12/1/2028...................... 1,500,000 1,641,990
New York State Environmental Facilities Corp., SWDR (Occidental Petroleum
Corp.)
5.70%, 9/1/2028......................................................... 1,600,000 1,500,320
New York State Housing Finance Agency, Revenue,
Refunding (Health Facilities - New York City) 8%, 11/1/2008............. 1,000,000 1,116,340
New York State Medical Care Facilities Finance Agency, Revenue,
Refunding (Nyack Hospital Project) 8.30%, 11/1/2013..................... 2,000,000 2,165,500
New York State Mortgage Agency, Revenue:
8.375%, 4/1/2018........................................................ 455,000 478,883
Homeowner Mortgage:
8.125%, 10/1/2017..................................................... 1,360,000 1,386,942
6.45%, 10/1/2020...................................................... 2,780,000 2,840,882
New York State Power Authority, General Purpose Revenue,
Refunding 6.50%, 1/1/2019............................................... 1,000,000 1,046,600
New York State Urban Development Corp., Revenue (Correctional Facilities)
8.125%, 1/1/2014 (Prerefunded 1/1/1998) (a)............................. 1,500,000 1,634,145
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007........................................................... 1,200,000 1,506,396
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ ______
U.S. RELATED-21.4%
Commonwealth of Puerto Rico 7.853%, 7/1/2018 (Insured; AMBAC) (b,c)......... $ 1,500,000 $ 1,501,875
Commonwealth of Puerto Rico Aqueduct and Sewer Authority,
Revenue 7.90%, 7/1/2007 (Prerefunded 7/1/1998) (a)...................... 1,000,000 1,101,060
Commonwealth of Puerto Rico Highway Authority, Highway Revenue:
8.125%, 7/1/2013 (Prerefunded 7/1/1998) (a)............................. 1,000,000 1,105,860
Refunding 8%, 7/1/2003 (Prerefunded 7/1/1998) (a)....................... 1,500,000 1,654,785
Commonwealth of Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue
7.90% 7/1/2007.......................................................... 1,000,000 1,090,250
Virgin Islands Territory, Special Tax Revenue (Hugo Insurance Claims Funds
Program)
7.75% 10/1/2006......................................................... 1,250,000 1,346,450
______
TOTAL INVESTMENTS
(cost $34,213,633)...................................................... $36,402,162
======
</TABLE>
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<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SONYMA State of New York Mortgage Agency
LR Lease Revenue SWDR Solid Waste Disposal Revenue
PCR Pollution Control Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (D) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ _____ ___________ ___________
<S> <C> <C> <C>
AAA Aaa AAA 27.8%
AA Aa AA 17.9
A A A 11.8
BBB Baa BBB 32.2
Not Rated (e) Not Rated (e) Not Rated (e) 10.3
____
100.0%
====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
1996, this security amounted to $1,501,875 or 4.0% of net assets.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Manager to be of comparable quality
to those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $34,213,633)-see statement...................................... $36,402,162
Cash.................................................................... 41,528
Interest receivable..................................................... 830,712
Prepaid expenses........................................................ 6,453
______
37,280,855
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $22,084
Accrued expenses........................................................ 52,159 74,243
____ ______
NET ASSETS.................................................................. $37,206,612
======
REPRESENTED BY:
Paid-in capital......................................................... $34,617,159
Accumulated undistributed investment income-net......................... 300,914
Accumulated undistributed net realized gain on investments.............. 100,010
Accumulated net unrealized appreciation on investments-Note 3........... 2,188,529
______
NET ASSETS at value, applicable to 3,735,945 outstanding shares of
Common Stock, equivalent to $9.96 per share
(110 million shares of $.001 par value authorized)...................... $37,206,612
======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME........................................................ $1,311,693
EXPENSES:
Management fee-Note 2(a)............................................. $ 132,011
Directors' fees and expenses-Note 2(c)............................... 16,892
Shareholder servicing costs-Note 2(b)................................ 13,094
Auditing fees........................................................ 10,980
Shareholders' reports................................................ 7,644
Legal fees........................................................... 5,912
Registration fees.................................................... 5,000
Custodian fees....................................................... 2,110
Miscellaneous........................................................ 3,734
_____
TOTAL EXPENSES................................................. 197,377
______
INVESTMENT INCOME-NET.......................................... 1,114,316
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS-Note 3:
Net realized gain on investments....................................... $ 100,581
Net unrealized (depreciation) on investments........................... (445,285)
_____
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS.............. (344,704)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $ 769,612
======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1996
1995 (UNAUDITED)
_______ __________
OPERATIONS:
<S> <C> <C>
Investment income-net................................................... $ 2,287,634 $ 1,114,316
Net realized gain on investments........................................ 189,988 100,581
Net unrealized appreciation (depreciation) on investments for the period 465,712 (445,285)
_______ ______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 2,943,334 769,612
_______ ______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (2,239,633) (1,119,816)
Net realized gain on investments........................................ (26,502) (190,369)
_______ ______
TOTAL DIVIDENDS....................................................... (2,266,135) (1,310,185)
_______ ______
CAPITAL STOCK TRANSACTIONS;
Dividends reinvested-Note 1(c).......................................... __ 32,004
_______ ______
TOTAL INCREASE (DECREASE) IN NET ASSETS............................... 677,199 (508,569)
NET ASSETS:
Beginning of period..................................................... 37,037,982 37,715,181
_______ ______
End of period (including undistributed investment income-net:
$306,414 in 1995 and $300,914 in 1996)................................ $37,715,181 $37,206,612
======= ======
SHARES SHARES
_______ ______
CAPITAL SHARE TRANSACTIONS;
INCREASE IN SHARES OUTSTANDING AS A RESULT OF DIVIDENDS REINVESTED...... __ 3,223
======= ======
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the financial statements and market price
data for the Fund's shares.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1996
________________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
____ ____ ____ ____ ____ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 9.20 $ 9.67 $10.13 $10.65 $ 9.92 $10.10
____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS:
Investment income-net................. .63 .62 .62 .61 .61 .30
Net realized and unrealized gain (loss)
on investments...................... .48 .47 .53 (.72) .18 (.09)
____ ____ ____ ____ ____ ____
TOTAL FROM INVESTMENT OPERATIONS.... 1.11 1.09 1.15 (.11) .79 .21
____ ____ ____ ____ ____ ____
DISTRIBUTIONS:
Dividends from investment income-net.. (.63) (.61) (.58) (.61) (.60) (.30)
Dividends from net realized gain
on investments...................... (.01) (.02) (.05) (.01) (.01) (.05)
____ ____ ____ ____ ____ ____
TOTAL DISTRIBUTIONS................. (.64) (.63) (.63) (.62) (.61) (.35)
____ ____ ____ ____ ____ ____
Net asset value, end of period........ $ 9.67 $10.13 $10.65 $ 9.92 $10.10 $ 9.96
==== ==== ==== ==== ==== ====
Market Value, end of period........... $ 9 5/8 $10 1/8 $11 5/8 $ 9 $ 9 11/16 $ 10 3/8
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN(1)................ 11.33% 12.09% 21.99% (17.78%) 14.74% 21.72%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.10% 1.11% 1.06% 1.02% 1.05% 1.04%(2)
Ratio of net investment income to
average net assets.................. 6.70% 6.36% 6.06% 5.98% 6.19% 5.89%(2)
Portfolio Turnover Rate............... 15.53% 15.23% 5.01% 5.94% 12.55% 4.15%(3)
Net Assets, end of period (000's Omitted) $34,860 $36,967 $39,543 $37,038 $37,715 $37,207
(1) Calculated based on market value.
(2) Annualized.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Municipal Income, Inc. (the "Fund") is registered under
the Investment Company Act of 1940 ("Act") as a non-diversified closed-end
management investment company. The Fund's investment objective is to maximize
current income exempt from Federal, New York State and New York City income
taxes to the extent consistent with the preservation of capital. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A.
(A) PORTFOLIO VALUATION: Investments in municipal debt securities
(excluding options and financial futures on municipal and U.S. treasury
securities) are valued on the last business day of each week and month by an
independent pricing service ("Service") approved by the Board of Directors.
Investments for which quoted bid prices are readily available and are
representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by
the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions. Options and financial futures on
municipal and U.S. treasury securities are valued at the last sales price on
the securities exchange on which such securities are primarily traded or at
the last sales price on the national securities market on the last business
day of each week and month. Investments not listed on an exchange or the
national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid monthly.
Dividends from net realized capital gain are declared and paid at least
annually. To the extent that net realized capital gain can be offset by
capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
For shareholders who elect to receive their distributions in additional
shares of the Fund, in lieu of cash, such distributions will be reinvested at
the lower of the market price or net asset value per share (but not less than
95% of the market price) based on the record date's respective prices. If the
net asset value per share on the record date is lower than the market price
per share, shares will be issued by the Fund at the record date's net asset
value on the payable date of the distribution. If the net asset value per
share is less than 95% of the market value, shares will be issued by the Fund
at 95% of market value. If
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
the market price is lower than the net asset value per share on the record
date, Mellon Bank, N.A. will purchase Fund shares in the open market
commencing on the payable date, and reinvest those shares accordingly. As a
result of purchasing Fund shares in the open market, Fund shares outstanding
will not be affected by this form of reinvestment.
On March 27, 1996, the Board of Directors declared a cash dividend of
$.05 per share from investment income-net, payable on April 25, 1996 to
shareholders of record as of the close of business on April 11, 1996.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .70 of 1% of the value
of the Fund's average weekly net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. There was no expense
reimbursement for the six months ended March 31, 1996.
(B) The Fund compensates Mellon Bank, N.A., an affiliate of the Manager,
under a transfer agency agreement for providing personnel and facilities to
perform transfer agency services for the Fund. Such compensation amounted to
$13,094 for the six months ended March 31, 1996.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended March 31, 1996,
amounted to $1,531,520 and $1,673,138, respectively.
At March 31, 1996, accumulated net unrealized appreciation on investments
was $2,188,529, consisting of $2,240,378 gross unrealized appreciation and
$51,849 gross unrealized depreciation.
At March 31, 1996, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New York Municipal Income, Inc., including the statement of
investments, as of March 31, 1996, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended March 31, 1996. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
September 30, 1995 and financial highlights for each of the five years in the
period ended September 30, 1995 and in our report dated November 2, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
May 1, 1996
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
PROXY RESULTS (UNAUDITED)
During the fiscal year ended September 30, 1995, stockholders voted on
the following proposals presented at the annual stockholders' meeting held on
August 18, 1995. The description of each proposal and the number of shares
voted are as follows:
<TABLE>
<CAPTION>
FOR AUTHORITY WITHHELD
_______ ___________
<S> <C> <C>
1. TO ELECT THREE CLASS II AND ONE CLASS III DIRECTORS:*
CLASS II
Whitney I. Gerard................................... 2,356,125 55,431
Robert R. Glauber................................... 2,356,679 54,877
Arthur A. Hartman................................... 2,355,125 56,431
CLASS III
Joseph S. DiMartino................................. 2,349,399 62,157
</TABLE>
<TABLE>
<CAPTION>
FOR AGAINST ABSTAINED
_______ ______ ______
<S> <C> <C> <C>
2.TO RATIFY THE SELECTION OF ERNST & YOUNG LLP
AS INDEPENDENT AUDITORS OF THE FUND....................... 2,411,556 25,862 50,009
</TABLE>
* The terms of these Class II and Class III Directors expire in 1998 and
1996, respectively. Lucy Wilson Benson, David W. Burke and Martin D. Fife are
Class I Directors whose terms expire in 1997, and George L. Perry and Paul
Wolfowitz are also Class III Directors whose terms expire in 1996.
OFFICERS AND DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
200 Park Avenue
New York, NY 10166
DIRECTORS
Joseph S. DiMartino, Chairman
Lucy Wilson Benson
David W. Burke
Martin D. Fife
Whitney I. Gerard
Robert R. Glauber
Arthur A. Hartman
George L. Perry
Paul Wolfowitz
OFFICERS
President and Treasurer
Marie E. Connolly
Vice President and Secretary
John E. Pelletier
Vice President and Assistant Treasurer
Frederick C. Dey
Vice President and Assistant Secretary
Eric B. Fischman
Vice President and Assistant Secretary
Elizabeth Bachman
Assistant Treasurer
John J. Pyburn
Assistant Treasurer
Joseph F. Tower, III
Assistant Secretary
Margaret M. Pardo
PORTFOLIO MANAGERS
Joseph P. Darcy
A. Paul Disdier
Karen M. Hand
Stephen C. Kris
Richard J. Moynihan
Jill C. Shaffro
L. Lawrence Troutman
Samuel J. Weinstock
Monica S. Wieboldt
INVESTMENT ADVISER
The Dreyfus Corporation
CUSTODIAN
The Bank of New York
COUNSEL
Stroock & Stroock & Lavan
TRANSFER AGENT,
DIVIDEND DISTRIBUTION AGENT
AND REGISTRAR
Mellon Bank, N.A.
STOCK EXCHANGE LISTING
AMEX Symbol: DNM
INITIAL SEC EFFECTIVE DATE
10/21/88
The Net Asset Value appears in the following publications: Barron's,
Closed-End Bond Funds section under the heading "Municipal Bond Funds" every
Monday; Wall Street Journal, Mutual Funds section under the heading
"Closed-End Bond Funds" every Monday; New York Times,
Money and Business Section under the heading "Closed-End Bond Funds-Single
State Municipal Bond Funds" every Sunday.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may purchase shares of its
common stock in the open market when it can do so at prices below the then
current net asset value per share.
[Dreyfus lion "d" logo]
DREYFUS NEW YORK MUNICIPAL
INCOME, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT,
DIVIDEND DISTRIBUTION AGENT
AND REGISTRAR
Mellon Bank, N.A.
85 Challenger Road
Ridgefield Park, NJ 07660
Printed in U.S.A. 858SA963
[Dreyfus logo]
New York
Municipal
Income, Inc.
Semi-Annual
Report
March 31, 1996
