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SIGNATURE CRAIG D. HANSEL
TITLE DATA PROCESSING MAN.
<PAGE>
AMERICAN GROWTH FUND, INC.
SEC FILE NUMBER 811-825
SUB-ITEM 77.K.
EXHIBIT A
Item 4. Changes in Registrant's Certifying Accountant
(a) Previous independent accountants
(i) On January 5, 1996, the auditor relationship
between the Fund and Smith, Brock & Gwinn was
terminated.
(ii) The reports of Smith, Brock & Gwinn on the
financial statements for the past two fiscal years
contained no adverse opinion or disclaimer of
opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principle.
(iii) The decision to change independent accountants was
approved by the Registrant's board of directors.
(iv) In connection with its audits for the two most
recent fiscal years and through the interim period
preceding the resignation, there have been no
disagreements with Smith, Brock & Gwinn on any
matter of accounting principles or practices,
financial statements disclosure, or auditing scope
or procedure, which disagreements if not resolved
to the satisfaction of Smith, Brock & Gwinn would
have caused them to make reference thereto in their
report on the financial statements for such years.
(v) During the two most recent fiscal years and through
the interim period preceding the resignation, there
have been no reportable events (as defined in
Regulation S-K Item 304(a)(1)(v)) with Smith, Brock
& Gwinn.
(vi) The Registrant has requested that Smith, Brock &
Gwinn furnish it with a letter addressed to the
Securities and Exchange Commission stating whether
or not it agrees with the above statements. A copy
of such letter, dated January 11, 1996, is filed as
EXHIBIT B to this form N-SAR.
(b) New independent accountants
The Registrant engaged KPMG Peat Marwick LLP as its new
independent accountants as of January 10, 1996. During the two
most recent fiscal years and through January 10, 1996, the
Registrant has not consulted with KPMG Peat Marwick LLP on
items which (1) were or should have been subject to SAS 50 or
(2) concerned the subject matter of a disagreement or
reportable event with the former auditor, (as described in
Regulation S-K Item 304(a)(2)).
<PAGE>
American Growth Fund, Inc.
SEC File Number 811-825
Sub - Item 77.K.
Exhibit B
January 11, 1996
Securities and Exchange Commission
450 5th Street N.W.
Washington, D.C. 20549
Re: American Growth Fund, Inc.
Dear Sir or Madam:
In response to the requirements of Item 304(a) of Regulation S-K,
we have received a letter from the Fund setting forth responses to
Item 304(a). Please be advised that we are in agreement with the
responses as follows:
1. The auditor relationship between the Fund and Smith,
Brock & Gwinn was terminated on January 5, 1996.
2. Our reports on the Fund's financial statements for the
past two fiscal years ended July 31, 1994 and 1995
contained no adverse opinion or disclaimer of opinions
and were not qualified or modified as to uncertainty,
audit scope or accounting principles.
3. In connection with our audits of the Fund for the past
two fiscal years ended July 31, 1994 and 1995, we were
not in disagreement on any matter of accounting
principles or practices, financial statement disclosure,
or auditing scope or procedure, which disagreements, if
not resolved to our satisfaction, would have caused us to
make reference thereto in our report on the financial
statements for such years.
4. During the two most recent fiscal years and through
January 5, 1996, there have been no reportable events (as
defined in Regulation S-K, Item 304(a)(i)(v)) with Smith,
Brock & Gwinn.
Very truly yours,
/s/ SMITH, BROCK & GWINN
Roy E. Brock, Jr.
REB:gb
