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<PAGE> PAGE 2
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SIGNATURES
This report has been signed below by the following persons on
behalf of the
issuer and in the capacities and on the dates indicated.
By(signature and Title)*
/s/Timothy E. Taggart
Timothy E. Taggart, Treasurer
Date:September 25, 1998
The Board of Directors and Shareholders of American Growth Fund,
Inc.:
In planning and performing our audit of the financial statements of
American
Growth Fund, Inc. for the year ended July 31, 1998, we considered
its internal
controls, 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 internal controls.
The management of American Growth Fund, Inc. is responsible for
establishing
and maintaining internal controls. In fulfilling this
responsibility,
estimates and judgments by management are required to assess the
expected
benefits and related costs of internal control policies and
procedures. Two of
the objectives of internal controls are to provide management with
reasonable,
but not absolute, assurance that assets are safeguarded against
loss from
unauthorized use or disposition and that 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 internal controls, errors or
irregularities
may occur and may not be detected. Also, projection of any
evaluation of
internal controls to future periods is subject to the risk that
they may
become inadequate because of changes in conditions or that the
effectiveness
of the design and operation may deteriorate.
Our consideration of internal controls would not necessarily
disclose all
matters in internal controls 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 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
internal controls, including procedures for safeguarding
securities, that we
considered to be material weaknesses as defined above as of July
31, 1998.
This report in intended solely for the information and use of
management and
the Securities and Exchange Commission and should not be used for
any other
purpose.
KPMG Peat Marwick LLP
Denver, Colorado
August 28, 1998
