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SIGNATURE NEIL BULMAN, JR.
TITLE ATTORNEY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
</TABLE>
Exhibit 99
DELOITTE &
TOUCHE LLP ---------------------------------------------------------
[LOGO] 155 East Broad Street Telephone: (614) 221-1000
Columbus, Ohio 43215-3611 Facsimile: (614) 229-4647
To the Board of Directors of
Scioto Investment Company:
In planning and performing our audit of the financial statements of Scioto
Investment Company for the year ended December 31, 1995 (on which we have
issued our report dated January 19, 1996), we considered its internal control
structure, including procedures 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, not
to provide assurance on the internal control structure.
The management of Scioto Investment Company is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization, and recorded
properly to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the internal control structure 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 the interal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
******
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Deloitte\Touche LLP
Columbus, Ohio
January 19, 1996
________________
Deloitte Touche
Tohmatsu
International
________________
<PAGE>
SIGNATURE PAGE
--------------
This report is signed on behalf of the registrant in the City of Naples
and State of Florida on the 22nd day of February, 1996.
SCIOTO INVESTMENT COMPANY
Witness: /s/ Marilyn Brown Kellough By: /s/ Stephen Kellough
-------------------------- --------------------------
Marilyn Brown Kellough, Stephen Kellough, President
Secretary
<PAGE>
