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SIGNATURE GARY LEVINE
TITLE TREASURER
Form N-SAR
For period ended 10/31/97
File Number 811-4656
This report is signed on behalf of the Registrant in the City of
Morristown and State of New Jersey on the 18th day of December, 1997.
Bancroft Convertible Fund, Inc.
Name of Registrant
By: /s/ Gary I. Levine
Gary I. Levine
Treasurer
Witness:/s/ Thomas H. Dinsmore
Thomas H. Dinsmore
Chairman
REPORT OF INDEPENDENT ACCOUNTANTS
_________________
To the Board of Directors of
Bancroft Convertible Fund, Inc.:
In planning and performing our audit of the financial statements of
Bancroft Convertible Fund, Inc., for the year ended
October 31, 1997, we considered its internal control, including controls
over 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, not to provide assurance on
internal control.
The management of Bancroft Convertible Fund, Inc., 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 generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of 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 any specific internal control component does not reduce to a
relatively low level the risk that errors or irregularities 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 internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as
of October 31, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
New York, New York
November 13, 1997
