# Exhibit 99.10

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION100 F Street, NEWashington, D.C. 20549

(SEAL)

TELEFACSIMILE TRANSMITTAL

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|                                                    |  | PLEASE DELIVER THE FOLLOWING PAGES TO:
|                                                    |  |                                       
|Name:                                               |  | Marty Lybecker                        
|                                                    |  |                                       
|Organization:                                       |  | Wilmer Hale                           
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|Telecopier Number:                                  |  | 202-663-6363                          
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|Total Number of Pages, Including Cover Sheet:     3
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|From:                                               |  | Brian D. Bullard                      
|                                                    |  | Chief
Accountant                      
|                                                    |  |                                       
|                                                    |  | DIVISION OF INVESTMENT
MANAGEMENT     
|                                                    |  |                                       
|                                                    |  | Telephone Number: (202) 551-6935      
|                                                    |  | Facsimile Number: (202) 772-9283      
|                                                    |  |                                       
|Comments:                                           |  |                                       

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

April 14, 2006

CERTIFIED
MAIL RETURN RECEIPT REQUESTED AND FACSIMILE

|                          
|--------------------------
|Martin
  E. Lybecker, Esq.
|WilmerHale                
|2445 M Street, NW         
|Washington, DC 20037      

Re:     National Presto Industries,
Inc.

Dear
Mr. Lybecker:

This
will respond to the list of questions you e-mailed to me yesterday. We stand by
and reiterate the position stated in our e-mail to you of February 15, 2006,
and in subsequent letters dated March 28, 2006 and April 11, 2006. That is, we
do not object if, as a matter of form, National Presto files a Form 10-K
provided those financial statements also include an additional footnote with pro formafinancial statement information
consistent with
investment company financial reporting requirements pursuant to Article 6 of
Regulation S-X and Form N-CSR.

We
also stated in the February 15 e-mail that filing unaudited financial
information, while not consistent with the Investment Company Act, would be
preferable to filing no information at all. But we made it clear that we viewed
this as an Intermediate step to full compliance, which would in no way excuse
your client from complying with the securities laws.

Our
February 15 e-mail does not allow for a good-faith interpretation that merely filing a Form 10-K as
an operating company with none of the pro forma investment company information would
be acceptable, as your client has represented to the investing public. As stated in the
April 11, 2006 letter,

| |                                                                                                                                                                                                                  
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | It
  was and remains misleading to suggest that the staff would not object to the Company filing
  financial statements and related information as an operating company rather than as
  an investment company.

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Mr.
Martin E. Lybecker, Esq.
April
14, 2006 
Page 2

Indeed,
in the appellate brief that National Presto recently filed with the Seventh
Circuit, the first two sentences of footnote 13 show that National Presto is
aware of its obligations.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
  SEC staff has informed Prestos counsel that it would not object if the  Company filed operating company financial
  statements under the 1934 Act for the period ended December 31, 2005, so long as that
  filing was supplemented via footnote with audited pro forma financial
  statement information consistent with investment company reporting requirements. The
  SEC staff further advised that, if audited pro forma financial information was not
  available at the filing deadline, unaudited/incomplete investment company
  financial data should be supplied as an intermediate step, but stated their
  view that if the Company provided unaudited/incomplete financial statements the
  Company would not be deemed by the SEC staff to have met its disclosure obligations
  under the federal securities laws.

It
seems, based on this disclosure to the Court that the Company had a clear
understanding of what our February 15, 2006 e-mail stated and subsequent
letters dated March 28, 2006 and April 11, 2006 reiterated. The misleading
representations in the Form 10-K filed on March 15, 2006 need to be corrected immediately.

We
are troubled by the pattern of delay and inconsistent representations from
National Presto. National Presto was ordered to register as an investment
company on December 9, 2005, its request for a stay was denied on December 23,
2005, it filed its registration on December 27, 2005, and it became and has remained a
registered investment company since that date. Four months have passed since
the Company registered and became subject to the disclosure requirements of the
Investment Company Act of 1940. National Presto has had ample time to compile the required
financial information
and obtain the requisite audit required of an entity registered under the Investment Company Act.
We expect National Presto to comply with its obligations under the securities laws
immediately.

Any
further communications should be directed to the Division of Enforcement.

| |                     
| | --------------------
| | Sincerely,          
|
| | -s- Brian D. Bullard
| | Brian D. Bullard    
| | Chief
  Accountant  

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