# Exhibit 99.4

UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
100 F Street, NE
Washington, D.C. 20549

(SEAL)

TELEFACSIMILE
TRANSMITTAL

PLEASE
DELIVER THE FOLLOWING PAGES TO:

|                                                |                                    |                                     |                     
|----------------------------------------------- | ---------------------------------- | ----------------------------------- | --------------------
|Name:                                           | Martin E. Lybecker, Esq.          
|                                                |                                   
|Organization:                                   | Wilmer Hale                       
|                                                |                                   
|Facsimile Number :                              | 202-663-6363                      
|                                                |                                   
|Total Number of Pages, Including
  Cover Sheet:
|                                                |                                   
|From
  :                                        |                                    | Brian D. Bullard
  Chief Accountant | -s- Brian D. Bullard
|                                                |                                    |                                    
|                                                |                                    | DIVISION OF INVESTMENT MANAGEMENT  
|                                                |                                   
|                                                | Telephone Number:
  (202) 551-6918
|                                                | Facsimile Number:
  (202) 772-9283

Comments:

An official copy has been mailed to you, but I am providing
a fax copy as a courtesy,

If you
do not receive all pages, please telephone the above number for assistance.

Note: THIS DOCUMENT MAY CONTAIN
PRIVILEGED AND NONPUBLIC INFORMATION. IT IS INTENDED ONLY FOR THE USE OF THE
INDIVIDUAL OR ENTITY NAMED ABOVE, AND OTHERS WHO SPECIFICALLY HAVE BEEN
AUTHORIZED TO RECEIVE IT. If you are not the intended recipient of this
facsimile, or the agent responsible for delivering it to the intended
recipient, you hereby are notified that any review, dissemination,
distribution, or copying of this communication strictly is prohibited. If you
have received this communication in error, please notify us immediately by
telephone and return the original to the above address by regular postal
service without making a copy. Thank you for your cooperation.[ILLEGIBLE]

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|                                       |                                                                                 | 
|-------------------------------------- | ------------------------------------------------------------------------------- | 
|(SEAL)                                 | UNITED
  STATES 
  SECURITIES AND EXCHANGE COMMISSION 
  WASHINGTON, D.C. 20549 | 
|                                       |                                                                                 | 
|DIVISION
  OF 
  INVESTMENT MANAGEMENT |                                                                                 | 
|                                       |                                                                                 | 
|                                       | March 28, 2006                                                                  | 

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| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | CERTIFIED MAIL RETURN RECEIPT REQUESTEDAND FACSIMILE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | Martin
  E. Lybecker, Esq.
  WilmerHale
  2445 M
  Street, NW
  
  Washington, DC 20037                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | Re:    National Presto Industries, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | Dear
  Mr. Lybecker:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | Your
  client, National Presto Industries, Inc. (the Company), filed a Form 10-K
  on March
  15, 2006 that contained financial statements that were not prepared in
  accordance with generally
  accepted accounting principles. We note specifically that the Companys
  financial statements were not prepared in
  a manner that is consistent with its registration status as an investment company under the Investment Company
  Act of 1940 (1940 Act). Please be advised
  that these financial statements do not satisfy the Companys obligations
  under the 1940 Act or the periodic
  reporting obligations under section 15(d) of the Securities Exchange Act of 1934 (1934 Act).
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | In
  the footnotes to the financial statements filed on Form 10-K, the Company
  made the following disclosure:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Management
  believes that in the interim, the SEC staff will not object if the Company
  files its financial statements and related information for the year ending
  December 31, 2005, under the 1934 Act as an operating company rather than as
  an investment
  company under the Investment Company Act. The SEC staff has asked the Company to consider
  supplementing its operating company financial statements with additional
  financial information like that prepared by registered investment companies. Discussions
  regarding that request and related issues are ongoing with the SEC staff.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | We
  believe that this disclosure is materially inaccurate and misleading to
  investors, and contrary
  to our prior discussions. By e-mail dated February 15, 2006, which you acknowledged by e-mail dated February 16, 2006,
  we said;                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | As
  we discussed on a preliminary basis last week on February 7 and 9, 2006 (and
  without working out any of the details), the staff would not object if, for
  the period ending December 31, 2005, National Presto Industries, Inc., continued
  to file financial                                                                                                                                                                                                                                                                                                                                            

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Mr.
  Martin E. Lybecker, Esq. 
  March
  28, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | Page
  2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | statements
  that are consistent with financial reporting requirements for operating companies on Forms
  10-K provided those financial statements
  also include an additional footnote with pro forma financial statement
  information consistent withinvestment company financial
  reporting requirements pursuant to Article 6 ofRegulation S-X and Form
  N-CSR. (Emphasis added)                                                                                                                                                                                                                               
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | As
  filed, the Form 10-K did not disclose in the MD&A or financial statements
  any of the required investment company reporting requirements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | We,
  further stated:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | We
  have in similar cases as the Companys, however, advised registrants to file
  all available information at the filing deadline, whether audited or
  unaudited, as an intermediate step to filing fully compliant financial
  statements at a date subsequent to filing deadline. In those circumstances, we believe the provision of
  unaudited or incomplete financial
  information is preferable to providing no financial information by the filing deadline, but under no circumstance, do we
consider the registrant to have met
  its obligations under the federal securities laws. (Emphasis
  added)
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | The
  Companys disclosure makes no mention of our specific statement that anything
  short of financial statements that comply with the Companys obligations
  under both the 1940 and 1934 Acts does not comply with the federal securities
  laws. In fact, the Companys disclosure leads investors to believe that the
  Companys presentation is acceptable to the staff of the Commission and
  compliant with the federal securities laws.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | We
  question whether the unqualified opinion issued by the Companys auditors,
  Grant Thornton, LLP, meets professional standards given the Companys
  registration status as an investment company and the accounting and financial
  reporting presentation associated with being an investment company. As we
  previously communicated to you in a conference call held on March 14, 2006,
  we believed professional standards would have prevented Grant Thornton from
  issuing an unqualified opinion on these financial statements. In that call,
  we requested that if Grant Thornton concluded it was able to issue an
  unqualified opinion, then we wanted to be informed of the basis for their
  conclusion prior to the Company filing its Form 10-K. To date, we have not been contacted by Grant Thornton. We
  have separately requested in a letter to
  Grant Thornton that they provide us with a written submission, within 5
  business days, explaining their basis for issuing an unqualified opinion
  under these circumstances.
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | We
  find this matter to be extremely troubling given recent discussion between
  the Company and the
  staff on this very subject. We expect you will share this letter with the Board of Directors of the Company immediately.
  Please inform us when you have done so. We also expect a written response
  from the Company, within 5 business days of the date of this letter, addressing our concerns and
  containing what steps the Company is prepared to take torectify these misleading statements and
  provide the disclosures required for a registered investment company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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| |                                                                                                                                                    | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------- | 
| | Mr.
  Martin E. Lybecker, Esq.
  March
  28, 2006
  Page 3                                                                                        
| |                                                                                                                                                    | 
| | Should
  you have any questions on this matter, please contact Doug Scheidt at
  202-551-6701, Barry Miller at 202-551-6725 or me at 202-551-6918.

| |                                          |                                                        | 
| | ---------------------------------------- | ------------------------------------------------------ | 
| | Very truly yours,                       
|
| | -s- Brian D. Bullard                    
| | Brian
  D. Bullard 
  Chief
  Accountant
| |                                         
| | Cc:                                      | Tom Walters
  Managing
  Partner 
  Grant Thornton LLP | 

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|                                      |                                                                                | 
|------------------------------------- | ------------------------------------------------------------------------------ | 
|(SEAL)                                | UNITED
  STATES
  SECURITIES AND EXCHANGE COMMISSION 
  WASHINGTON, D.C. 20549 | 
|                                      |                                                                               
|DIVISION
  OF
  INVESTMENT MANAGEMENT |                                                                               
|                                      |                                                                               
|                                      | March 28, 2006                                                                 | 

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | CERTIFIED MAIL RETURN RECEIPT REQUESTEDAND FACSIMILE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | Tom
  Walters 
  Managing Partner 
  Grant Thornton LLP 
  500 US Bank Plaza North 
  200 South Sixth Street 
  Minneapolis, MN 55402                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | Dear
  Mr. Walters:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | In
  a separate, letter to National Presto Industries, Inc. (the Company), which
  we have included as an attachment, we have informed the Company that we
  believe the Form 10-K filed by the Company on March 15, 2006 did not satisfy
  its requirements under the federal securities laws, including its obligation
  to report its financial statements as an investment company. We also
  informed the Company that we believe the disclosure contained in the
  footnotes to the financial statements regarding the SEC staffs views on
  these financial statements was materially inaccurate.                                                                                                                                                                                                                                                                  
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | We
  question whether the unqualified opinion issued on the financial statements
  by Grant Thornton, LLP
  meets professional standards given the Companys registration status as an investment company and the accounting and
  financial reporting presentation associated with being an investment company. We had previously communicated to the
  Companys counsel, Martin Lybecker,
  in a conference call held on March 14, 2006 that we believed professional
  standards would have prevented Grant Thornton from issuing an unqualified opinion on these financial statements. In that
  call, we requested that if Grant Thornton concluded it was able to issue an unqualified opinion, then we wanted
  to be informed of the basis for your
  conclusion prior to the Company filing its Form 10-K. To date, we have not been contacted by you or your firm.

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| |                                                                                                                                                                                                                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Mr.
  Tom Walters 
  Grant Thornton LLP 
  March 28, 2006 
  Page 2                                                                                                                                                                                                                                                                    
| |                                                                                                                                                                                                                                                                                                                                        
| | Please
  provide us with a written submission, within 5 business days, explaining your
  basis for issuing an unqualified opinion
  under these circumstances. We expect your submission will have been approved by your national practice office.
  Should you have any questions on this matter, please contact me at
  202-551-6918.

| |                                      |                                                     | 
| | ------------------------------------ | --------------------------------------------------- | 
| | Very
  truly yours,                 
|
| | -s- Brian D. Bullard                
| | Brian D. Bullard 
  Chief Accountant
| | Cc:                                  | National Presto Industries Inc.
  MaryJo Cohen, CEO | 
| |                                      |                                                     | 
| |                                      | Martin
  E. Lybecker, Esq. 
  WilmerHale            | 

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