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<PAGE> PAGE 13
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SIGNATURE
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 24, 1999
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. (the Fund) for the year ended July 31,
1999, we considered its internal control, including control
activities 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 control.
The management of the Fund 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, error or fraud
may occur and 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 one or more of the internal control components does
not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 and its operation,
including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above as of July 31, 1999.
This report is intended solely for the information and use of
management, the Board of Directors
of American Growth Fund, Inc. and the Securities and Exchange
Commission and is not
intended to be and should not be used by anyone other than these
specified parties.
KPMG LLP
Denver, Colorado
August 27, 1999
