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 six-month reporting period ended March 31,
1997. Your Fund produced a total return, including bond price changes and
interest income, of 2.47%.* During the reporting period, the Fund produced
income dividends of $0.3 per share. This is equivalent to an annualized
tax-free distribution rate per share of 6.02%.**
THE ECONOMY
With the economy in an almost ideal balance of strong growth, low
unemployment and stable prices, the Federal Open Market Committee (FOMC) of
the Federal Reserve Board (the "Fed") raised interest rates at the end of
March for the first time in over two years. Concerned that persistently
strong demand would increase the risk of a resurgence of inflation, the FOMC,
which is the policy-making arm of the Fed, voted to lift the Federal Funds
rate by a quarter of a percentage point to 5.5%. (The Federal Funds rate is
the rate that banks charge each other for overnight loans.) The move to raise
interest rates had been much discussed since early last year when the Fed
first became concerned about the inflationary potential of rising wage
demands resulting from the strong rate of growth in new jobs. Yet over that
time, there has been little evidence of inflation despite robust job growth
and an unemployment rate of less than 5.5%, a level that in the 1970s and
1980s contributed to an escalation in wages and prices. Instead, prices on
virtually all sectors of the economy have remained quiescent. The Consumer
Price Index has risen a modest 2.8% over the past 12 months, while increases
in producer prices have been equally modest and, of late, many prices have
actually fallen.
Not surprisingly, the consumer confidence index of the Conference Board,
a private research group, remains near all-time high territory. A closely
followed component measures consumer sentiment about the job market. The
percentage of people reporting that jobs are plentiful has recently reached
an eight-year high, while the portion reporting that jobs are hard to get was
the lowest ever recorded. That positive attitude regarding job security has
been cited by Federal Reserve Board Chairman Greenspan as a possible
harbinger of higher wage pressures, which could result in an acceleration in
the rate of inflation.
Looking at the economy more generally, factory production _ particularly
the durable goods sector _ has picked up lately after slumping over the last
two months of last year. Also suggesting renewed vigor in the economy was the
brisk pickup in retail sales from their relatively sluggish pace over the
last quarter of 1996. As a corollary to the surge in retail sales, late
payments on credit card debt have risen to the highest proportion of accounts
since 1980, the year the American Bankers Association first monitored credit
card delinquencies.
Effective monetary policy is formulated less on how conditions are today
than on how things may be in the future; hence the Fed's preemptive move to
tighten without significant direct evidence that inflation is already on the
rise is understandable. In recent testimony to Congress made before the Fed's
decision to raise the Federal Funds rate, Fed Chairman Alan Greenspan said
that the question "is not so much . . . where prices are or have been, but
rather what the state of the economy will be later this year and into 1998
when any actions we may or may not have taken would become effective." We
continue to remain alert to any economic developments that might indicate a
further tightening by the Fed.
THE MARKET ENVIRONMENT
After peaking during the summer of 1996, interest rates fell
significantly during the fall. The economic growth that was evident during
the year did not translate into anticipated higher inflation and enabled the
market to rally. The municipal market has seen considerable volatility during
the first quarter of 1997 and the recent Fed tightening once again moved
rates to levels that were seen last July. Initially, it was assumed that most
of the Fed move had been priced into the municipal market, but the market
continues to erode, looking toward the possibility of another tightening. The
rate increase has most adversely affected the taxable market, and municipals
have outperformed Treasuries during recent downturns. Over the past quarter,
the municipal market has been able to absorb a significant calendar, amounting
to approximately $37.0 billion.
PORTFOLIO OVERVIEW
The structure of the portfolio is currently defensive, with the main
focus on income. There has been very little change in the overall structure
during the past six months. The ongoing goal is to preserve yield; however,
as higher coupons reach their call dates, replacement with similar coupons is
not possible and periodically this may result in some income adjustments. The
supply of New York issuance in the first quarter has been substantial and
this has afforded us some opportunity to purchase paper that is being priced
on national levels. Under normal circumstances, New York paper commands a
premium to general market paper.
Please know that we appreciate 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 17, 1997
New York, NY
* Total return includes reinvestment of dividends and any capital gains
paid, based upon net asset value.
**Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the market price
at the end of the period, adjusted for capital gains distributions.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments_98.9% Amount Value
_____________ _____________
<S> <C> <C>
New York_78.0%
Albany Industrial Development Agency, LR (New York State Assembly Building Project)
7.75%, 1/1/2010......................................................... $ 1,225,000 $ 1,340,995
Babylon Industrial Development Agency, RRR (Ogden Martin System Babylon, Inc.)
8.50%, 1/1/2019 (Prerefunded 7/1/1998) (a).............................. 1,330,000 1,440,536
New York City,
Refunding 7.25%, 8/15/2007.............................................. 1,500,000 1,667,355
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 710,000 750,307
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project)
8%, 8/1/2016 (Prerefunded 8/1/2001) (a)............................... 1,000,000 1,142,370
Special Facility Revenue (American Airlines Inc. Project):
8%, 7/1/2020 (Guaranteed; AMR Corp.).................................. 1,325,000 1,406,170
6.90%, 8/1/2024....................................................... 500,000 534,880
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 1,410,525
New York State Dormitory Authority, Revenue:
Crossover, Refunding (City University) 8.20%, 7/1/2013.................. 1,000,000 1,064,180
Judicial Facility Lease (Suffolk County Issue) 9.50%, 4/15/2014......... 1,000,000 1,166,750
Refunding (State University Educational Facilities) 6%, 5/15/2025....... 1,000,000 978,000
New York State Energy Research and Development Authority, PCR:
(Central Hudson Gas and Electric) 8.375%, 12/1/2028..................... 1,000,000 1,075,150
(Rochester Gas and Electric Co.) 8.375%, 12/1/2028...................... 1,500,000 1,605,705
New York State Environmental Facilities Corp., SWDR (Occidental Petroleum Corp.)
5.70%, 9/1/2028......................................................... 1,600,000 1,499,440
New York State Housing Finance Agency, Revenue,
Refunding (Health Facilities-New York City)
8%, 11/1/2008 (Prerefunded 11/1/2000) (a)............................... 660,000 744,183
New York State Medical Care Facilities Finance Agency, Revenue,
Refunding (Nyack Hospital Project)
8.30%, 11/1/2013 (Prerefunded 11/1/1998) (a)............................ 2,000,000 2,162,480
New York State Mortgage Agency, Revenue
Homeowner Mortgage:
6.45%, 10/1/2020...................................................... 50,000 50,897
6.05%, 4/1/2026....................................................... 1,000,000 995,930
6.125%, 4/1/2027...................................................... 2,000,000 1,981,020
6.40%, 4/1/2027....................................................... 1,000,000 1,023,710
New York State Power Authority, Revenue and General Purpose,
Refunding 6.50%, 1/1/2019............................................... 1,000,000 1,064,220
New York State Urban Development Corp., Revenue (Correctional Facilities)
8.125%, 1/1/2014 (Prerefunded 1/1/1998) (a)............................. 1,500,000 1,576,800
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007........................................................... 1,200,000 1,472,184
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1997 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
_____________ _____________
U.S. Related_20.9%
Commonwealth of Puerto Rico 7.801%, 7/1/2018 (Insured; AMBAC) (b,c)......... $ 1,500,000 $ 1,492,500
Commonwealth of Puerto Rico Aqueduct and Sewer Authority, Revenue
7.90%, 7/1/2007 (Prerefunded 7/1/1998) (a).............................. 1,000,000 1,067,800
Commonwealth of Puerto Rico Highway Authority, Highway Revenue:
8.125%, 7/1/2013 (Prerefunded 7/1/1998) (a)............................. 1,000,000 1,070,430
Refunding 8%, 7/1/2003 (Prerefunded 7/1/1998) (a)....................... 1,500,000 1,603,440
Commonwealth of Puerto Rico Infrastructure Financing Authority, Special Tax Revenue
7.90%, 7/1/2007......................................................... 1,000,000 1,061,900
Virgin Islands Territory, Special Tax Revenue (Hugo Insurance Claims Funds Program)
7.75%, 10/1/2006........................................................ 1,175,000 1,266,062
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $33,979,722)...................................................... $35,715,919
=============
Short-Term Municipal Investments_1.1%
New York:
New York City, VRDN
3.70% (LOC; Morgan Guaranty Trust Co.) (d,e)
(cost $400,000)......................................................... $ 400,000 $ 400,000
=============
TOTAL INVESTMENTS_100.0%
(cost $34,379,722)...................................................... $36,115,919
=============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
Summary of Abbreviations
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SONYMA State of New York Mortgage Agency
LOC Letter of Credit SWDR Solid Waste Disposal Revenue
LR Lease Revenue VRDN Variable Rate Demand Notes
PCR Pollution Control Revenue
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch (f) or Moody's or Standard & Poor's Percentage of Value
____ __________ __________________ ___________________
<S> <C> <S> <C>
AAA Aaa AAA 32.0%
AA Aa AA 16.2
A A A 11.7
BBB Baa BBB 25.8
F1 MIG1, VMIG1, P1 SP1, A1 1.1
Not Rated (g) Not Rated (g) Not Rated (g) 13.2
________
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. This security may be resold in a transaction exempt from
registration, normally to a qualified institutional buyer. At March 31,
1997, this security amounted to $1,492,500 or 4.1% of net assets.
(d) Secured by a letter of credit.
(e) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(f) Fitch currently provides creditworthiness information for a limited
number of investments.
(g) Securities which, while not rated by Fitch, Moody's and 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 NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1997 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities_See Statement of Investments $34,379,722 $36,115,919
Cash....................................... 50,519
Interest receivable........................ 739,495
Prepaid expenses........................... 6,276
___________
36,912,209
___________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 28,524
Accrued expenses........................... 36,718
___________
65,242
___________
NET ASSETS.................................................................. $36,846,967
=============
REPRESENTED BY: Paid-in capital............................ $34,831,800
Accumulated undistributed investment income_net 256,670
Accumulated net realized gain (loss) on investments 22,300
Accumulated net unrealized appreciation (depreciation)
on investments_Note 4.......
1,736,197
___________
NET ASSETS.................................................................. $36,846,967
=============
SHARES OUTSTANDING
(110 million shares of $.001 par value Common Stock authorized)............. 3,757,712
NET ASSET VALUE per share................................................... $9.81
========
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1997 (UNAUDITED)
INVESTMENT INCOME
INCOME Interest Income............................ $1,288,629
EXPENSES: Management fee_Note 3(a)................... $ 129,654
Directors' fees and expenses_Note 3(c)..... 21,211
Professional fees.......................... 12,852
Shareholder servicing costs_Note 3(b)...... 12,534
Registration fees.......................... 4,000
Shareholders' reports...................... 2,836
Custodian fees_Note 3(b)................... 1,455
Miscellaneous.............................. 4,342
____________
Total Expenses....................... 188,884
____________
INVESTMENT INCOME_NET....................................................... 1,099,745
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS_Note 4:
Net realized gain (loss) on investments.... $ 22,610
Net unrealized appreciation (depreciation) on investments (208,039)
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... (185,429)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 914,316
=============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 1997 Year Ended
(Unaudited) September 30, 1996
_________________ ___________________
OPERATIONS:
Investment income_net................................................. $ 1,099,745 $ 2,220,356
Net realized gain (loss) on investments............................... 22,610 127,083
Net unrealized appreciation (depreciation) on investments............. (208,039) (689,578)
_________________ ___________________
Net Increase (Decrease) in Net Assets Resulting from Operations..... 914,316 1,657,861
_________________ ___________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net................................................. (1,126,866) (2,242,979)
Net realized gain on investments...................................... (126,822) (190,369)
_________________ ___________________
Total Dividends..................................................... (1,253,688) (2,433,348)
_________________ ___________________
CAPITAL STOCK TRANSACTIONS :
Dividends reinvested_Note 1(c)........................................ 59,310 187,335
_________________ ___________________
Total Increase (Decrease) in Net Assets............................. (280,062) (588,152)
NET ASSETS:
Beginning of Period................................................... 37,127,029 37,715,181
_________________ ___________________
End of Period......................................................... $36,846,967 $37,127,029
================ ====================
Undistributed investment income_net....................................... $ 256,670 $ 283,791
_________________ ___________________
Shares Shares
_________________ ___________________
CAPITAL SHARE TRANSACTIONS:
Increase In Shares Outstanding As A Result Of Dividends Reinvested.. 5,997 18,993
================ ====================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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
March 31, 1997 Year Ended September 30,
________________________________________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
_______________ ________ ________ ________ ________ ________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 9.90 $10.10 $ 9.92 $10.65 $10.13 $ 9.67
________ ________ ________ ________ ________ ________
Investment Operations:
Investment income_net................. .29 .59 .61 .61 .62 .62
Net realized and unrealized gain (loss)
on investments...................... (.05) (.14) .18 (.72) .53 .47
________ ________ ________ ________ ________ ________
Total from Investment Operations...... .24 .45 .79 (.11) 1.15 1.09
________ ________ ________ ________ ________ ________
Distributions:
Dividends from investment income_net.. (.30) (.60) (.60) (.61) (.58) (.61)
Dividends from net realized gain
on investments (.03) (.05) (.01) (.01) (.05) (.02)
________ ________ ________ ________ ________ ________
Total Distributions................... (.33) (.65) (.61) (.62) (.63) (.63)
________ ________ ________ ________ ________ ________
Net asset value, end of period........ $ 9.81 $ 9.90 $ 10.10 $ 9.92 $ 10.65 $ 10.13
======== ======= ======== ======== ========= =========
Market value, end of period.......... $ 9 15/16 $ 10 1/4 $ 9 11/16 $ 9 $ 11 5/8 $ 10 1/8
======== ======= ======== ======== ========= =========
TOTAL INVESTMENT RETURN(1).............. .52%(2) 12.92% 14.74% (17.78%) 21.99% 12.09%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.02%(2) 1.03% 1.05% 1.02% 1.06% 1.11%
Ratio of net investment income
to average net assets............... 5.94%(2) 5.94% 6.19% 5.98% 6.06% 6.36%
Portfolio Turnover Rate............... 8.22%(3) 9.59% 12.55% 5.94% 5.01% 15.23%
Net Assets, end of period (000's Omitted) $36,847 $37,127 $37,715 $37,038 $39,543 $36,967
(1) Calculated based on market value.
(2) Annualized.
(3) Not annualized.
</TABLE>
SEE 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 personal
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. ("Mellon").
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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 the market price is lower than the net asset value
per share on the record date, Mellon will purchase
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 31, 1997, the Board of Directors declared a cash dividend of
$.05 per share from investment income-net, payable on April 28, 1997 to
shareholders of record as of the close of business on April 14, 1997.
(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_BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes. Interest is charged to the Fund at rates which are related to the
Federal Funds rate in effect at the time of borrowings. For the period ended
March 31, 1997, the Fund did not borrow under the line of credit.
NOTE 3_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 that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, interest on borrowings, brokerage and extraordinary
expenses, exceed the expense limitation of any state having jurisdiction over
the Fund, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear the amount of such excess to the extent required by state
law. There was no expense reimbursement for the period ended March 31, 1997.
(b) The Fund compensates Mellon under a transfer agency agreement for
providing personnel and facilities to perform transfer agency services for
the Fund. Such compensation amounted to $12,534 during the period ended March
31, 1997.
The Fund compensates Mellon under a custody agreement to provide
custodial services for the Fund. During the period ended March 31, 1997,
$1,455 was charged by Mellon pursuant to the custody agreement.
(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 4_SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended March 31, 1997,
amounted to $3,000,000 and $3,371,662, respectively.
At March 31, 1997, accumulated net unrealized appreciation on investments
was $1,736,197, consisting of $1,821,481 gross unrealized appreciation and
$85,284 gross unrealized depreciation.
At March 31, 1997, 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.
PROXY RESULTS (UNAUDITED)
Stockholders voted on the following proposals presented at the annual
stockholders' meeting held on December 6, 1996. The description of each
proposal and the number of shares voted are as follows:
<TABLE>
<CAPTION>
For Authority Withheld
_______________ ____________________
<S> <C> <C> <C>
1.To elect three Class III Directors:*
Joseph S. DiMartino......................................... 3,086,909 95,038
George L. Perry............................................. 3,101,885 80,062
Paul Wolfowitz.............................................. 3,102,821 79,126
For Against Abstained
_____________ _____________ ______________
2.To ratify the selection of Ernst & Young LLP
as independent auditors of the Fund................ 3,109,848 24,697 47,402
- - --------------------------
* The terms of these Class III Directors expire in 1999.
</TABLE>
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
Richard W. Ingram
Vice President and Assistant Treasurer
Mary A. Nelson
Vice President and Assistant Treasurer
Michael Petrucelli
Vice President and Assistant Treasurer
Joseph F. Tower, III
Vice President and Assistant Secretary
Mark A. Karpe
Vice President and Assistant Secretary
Elizabeth Keeley
Vice President and Assistant Secretary
Douglas C. Conroy
Portfolio Managers
Joseph P. Darcy
A. Paul Disdier
Karen M. Hand
Stephen C. Kris
Richard J. Moynihan
Jill C. Shaffro
Samuel J. Weinstock
Monica S. Wieboldt
Investment Adviser
The Dreyfus Corporation
Custodian
Mellon Bank, N.A.
Counsel
Stroock & Stroock & Lavan LLP
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]
Registration Mark
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
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
AND REGISTRAR
Mellon Bank, N.A.
85 Challenger Road
Ridgefield Park, NJ 07660
Printed in U.S.A. 858SA973
[Dreyfus logo]
Registration Mark
New York
Municipal
Income, Inc.
Semi-Annual
Report
March 31, 1997
