To the Board of Directors of The 59 Wall Street Fund, Inc.:
In planning and performing our audit of the financial statements of The 59
Wall Street Fund Inc. (comprised of the 59 Wall Street European Equity Fund, 59
Wall Street Pacific Basin Equity Fund, 59 Wall Street U.S. Equity Fund, 59 Wall
Street Inflation-Indexed Securities Fund, 59 Wall Street Tax-Efficient Equity
Fund, 59 Wall Street International Equity Fund), (collectively the Funds) for
the year ended October 31, 2000 (on which we have issued our report dated
December 22, 2000), we considered their 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 Funds' internal control.
The management of the Funds 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 accounting principles generally accepted
in the United States of America. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in any internal control, misstatements due
to error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Funds' 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 misstatements caused by error 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
Funds' internal control and their operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 2000.
This report is intended solely for the information and use of management,
the Directors of The 59 Wall Street Funds Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
December 22, 2000
/s/ Deloitte & Touche LLP
