[New York Life Letterhead]
August 7, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: MainStay Institutional Funds Inc.
File Nos. 33-36962; 811-6175
Ladies and Gentlemen:
This serves as notification of the existence of a Spanish language
version of the MainStay Institutional Funds Inc.'s (the "Company's") annual
report for the fiscal year ended December 31, 1997 (the "Annual Report").
Pursuant to Rule 306 of Regulation S-T, we hereby represent that a fair
and accurate English translation of the Company's Spanish language Annual Report
may be found in the Company's N-30D filing made March 6, 1998 (accession no.
0000950109-98-001634).
If you have any questions with respect to the above, please do not
hesitate to contact Jeffrey L. Steele at (202) 626-3314 or the undersigned at
(212) 576-8149.
Sincerely,
/s/ Sara L. Badler
Sara L. Badler
cc: Jeffrey L. Steele
Dechert Price & Rhoads
