<SEC-DOCUMENT>0001019056-12-001180.txt : 20121210
<SEC-HEADER>0001019056-12-001180.hdr.sgml : 20121210
<ACCEPTANCE-DATETIME>20121109134954
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001019056-12-001180
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20121109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAXOR CORP
		CENTRAL INDEX KEY:			0000027367
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				132682108
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		STREET 2:		SUITE 7120
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
		BUSINESS PHONE:		2122440555

	MAIL ADDRESS:	
		STREET 1:		350 5TH AVENUE
		STREET 2:		SUITE 7120
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDANT CORP
		DATE OF NAME CHANGE:	19730823
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify">November 9, 2012</P>
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        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><B>ATTORNEYS AT LAW</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">777 East Wisconsin Avenue</P>
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        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">414.271.2400 TEL</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">414.297.4900 FAX</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">foley.com</P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>VIA EDGAR SYSTEM</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ms. Deborah O&rsquo;Neal-Johnson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Senior Counsel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Investment Management</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, DC 20549</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="padding-right: 1in"><U>Daxor Corporation, File No. 811-22684</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Ms. O&rsquo;Neal-Johnson</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of our client,
Daxor Corporation (&ldquo;<U>Daxor</U>&rdquo;), set forth below are Daxor&rsquo;s initial responses to comments of the Staff (the
&ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) set forth in the Staff&rsquo;s
letter, dated July&nbsp;19, 2012, with respect to the above-referenced filing. The numbered items set forth below repeat (in bold
italics) the comments of the Staff reflected in the comment letter, and following such comments are Daxor&rsquo;s responses (in
regular type).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As appropriate, Daxor will
amend its registration statement on Form N-2 to reflect the Staff&rsquo;s comments. In advance of filing the amendment, Daxor is
attaching for your review a draft of the revised Prospectus and a draft of the revised Statement of Additional Information that
are part of its registration statement, both of which have been marked to highlight the changes made in response to the Staff&rsquo;s
comments (the &ldquo;<U>Redlined Documents</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">So, on behalf of
Daxor, we are submitting the following material via EDGAR: (1) this response letter and (2) a PDF file of the Redlined
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B><U>Cover</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please revise
the Investment Company Act file number on the cover page. Instead of &ldquo;8111-22684,&rdquo; it should read &ldquo;811-22684.&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;Daxor
will revise as requested on the amended Form N-2. We note that the correct number was referenced on the Form N-Q and Form N-CSR
filed by Daxor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Boston</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Brussels</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">CHICAGO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">Detroit</P></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">JACKSONVILLE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">LOS ANGELES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">MADISON</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">MIAMI</P></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">MILWAUKEE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">NEW YORK</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">ORLANDO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SACRAMENTO</P></TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SAN DIEGO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SAN DIEGO/DEL MAR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SAN FRANCISCO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SHANGHAI</P></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">SILICON VALLEY</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">TALLAHASSEE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">TAMPA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">TOKYO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase">WASHINGTON, D.C.</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Preliminary Prospectus</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 1,
the second sentence in the first paragraph states, &ldquo;[t]he company is dependent upon earnings from its investment portfolio
to fund operations, and <U>may be</U> (emphasis added) deemed a closed-end investment company under the Investment Company Act
of 1940, as amended (the &ldquo;Act&rdquo;).&rdquo; On August 31, 2011, an administrative law judge issued a decision pursuant
to Section 9(f) of the Act finding that Daxor was operating as an unregistered investment company in violation of Section 7(a)
of the Act. Given the fact that the law judge&rsquo;s order required Daxor to register as an investment company, please revise
the disclosure, and similar language throughout the document, accordingly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise as requested in the amended Form N-2. We note that Daxor included the revised language in its Form N-CSR filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second
paragraph on page 1 refers investors to &ldquo;the company&rsquo;s filings under the Securities Exchange Act of 1934.&rdquo; Will
Daxor continue to file documents required by the Securities Exchange Act of 1934 notwithstanding the fact that Section 30(d) of
the Investment Company Act of 1940 (the &ldquo;Act&rdquo;) obviates the need to do so? We may have further comments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
has ceased filing under the Securities Exchange Act of 1934 and is now filing under the Act, as evidenced by Daxor&rsquo;s Form
N-Q and Form N-CSR filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In regard to
the immediately preceding comment, please also reference the Form N-Q that was filed for the period ended March 31, 2012.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will reference the Form N-Q as requested in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragraph
four on page 1 states that, the &ldquo;Statement of Additional Information .&nbsp;.&nbsp;. is incorporated herein by reference.&rdquo;
Please conform the disclosure so that it is consistent with the language in the second paragraph of &ldquo;Part B: Statement of
Additional Information,&rdquo; on page 4 of Form N-2.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the section
&ldquo;General Description of Daxor Corporation,&rdquo; the information required by Item 8.1 of Form N-2 is &ldquo;incorporated
by reference.&rdquo; Please note that General Instruction F to Form N-2 permits incorporation by reference subject to Rule 411
of the Securities Act of 1933. Rule 411(a) prohibits information required in a prospectus to be incorporated by reference. Please
provide the required disclosure.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will provide the required disclosure in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Investment Objective and Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fourth
paragraph of the above mentioned section states, &ldquo;Daxor Corporation will, at times, sell naked or uncovered calls, as well
as, engage in short sales as part of a strategy to mitigate risk.&rdquo; Confirm to the staff that the registrant will meet coverage
requirements pursuant to Section 18 of the Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf
of Daxor, we confirm that Daxor will meet the coverage requirements pursuant to Section 18 of the Act with regard to the &ldquo;leveraged
transactions&rdquo; referenced above. In this regard, <FONT STYLE="color: black">Daxor </FONT>recognizes that <FONT STYLE="color: black">leveraged
transactions can raise risk management issues for a registered investment company relating, for example, to leverage, illiquidity
(particularly with respect to complex OTC derivatives), and counterparty risk, among others</FONT>. Daxor is also aware that there
are inherent limitations on the ability of a <FONT STYLE="color: black">registered investment company</FONT> to engage in leveraged
transactions (<I>for example</I>, the need to maintain liquid assets to cover obligations in order to avoid the creation of a senior
security&rdquo; under Section 18 of the Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Daxor notes that the SEC
has determined under Section 18 of the Act that it will not treat leveraged transactions as senior securities provided that Daxor
takes certain steps to limit the potential for &ldquo;leveraged&rdquo; losses. Specifically, the SEC has offered <FONT STYLE="color: black">registered
investment companies</FONT> three kinds of alternatives to a full prohibition: (1) treating these derivative investments as borrowings
and requiring the <FONT STYLE="color: black">registered investment company</FONT> to provide the required coverage for such borrowing;
(2) requiring the <FONT STYLE="color: black">registered investment company</FONT> to create a segregated account consisting of
cash and its equivalents in which the value of the <FONT STYLE="color: black">registered investment company</FONT>&rsquo;s future
obligations would be held; such assets would then cover these obligations and negate the existence of borrowing or the issue of
senior securities; or (3) requiring the <FONT STYLE="color: black">registered investment company</FONT> to hold or acquire instruments
that fully match the <FONT STYLE="color: black">registered investment company</FONT>&rsquo;s obligations, creating a &ldquo;wash&rdquo;
and thus negating the <FONT STYLE="color: black">registered investment company</FONT>&rsquo;s obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">When engaging in leveraged
transactions, Daxor will ensure that it takes the appropriate steps identified above to limit the potential for leveraged losses,
and will ensure that it complies with any related SEC guidance. Daxor&rsquo;s Board of Directors will oversee and monitor Daxor&rsquo;s
use of leveraged transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In regard to
the disclosure regarding interest rates (fifth paragraph of the above referenced section), include a separate section, per Item
8.3 of Form N-2, to describe the risk factors associated with an investment in the registrant.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will include the requested disclosure in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When discussing the regulatory risk of Daxor&rsquo;s portfolio
companies you state, &ldquo;Daxor Corporation&rsquo;s exposure to regulatory risk is mitigated due to the diversity of holdings
consisting of 87 separate common and preferred stocks as of December 31, 2011.&rdquo; Please explain to the staff how a diversity
of utility company holdings mitigates regulatory risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf
of Daxor, we note that the disclosure should reference &ldquo;investment&rdquo; risk, not &ldquo;regulatory&rdquo; risk. Daxor
will revise the disclosure to clarify this statement in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preceding
the section entitled, &ldquo;Forward-Looking Statements Regarding Daxor Corporation,&rdquo; briefly discuss the types of investments
that will be made by the registrant, other than those that will constitute its principle portfolio emphasis, per Item 8.4 of Form
N-2.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf
of Daxor, we note that there will not be any such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 2
under the section &ldquo;Investment Management&rdquo; you state, &ldquo;the company has no investment advisors, administrator,
affiliated brokerage, dividend paying agent, non-resident managers, or active portfolio managers.&rdquo; Explain to the staff how
the registrant will comply with Section 15 of the Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
notes that under Section 15(a) of the Act it must enter into a written contract with any person it engages as an investment adviser
and that under Section 15(b) of the Act it must enter into a written contract with any person it engages as a principal underwriter.
However, Section 15 of the Act does not require Daxor to engage either an investment adviser or a principal underwriter. In this
regard, Daxor notes that the only individual who oversees its portfolio is the Chief Executive Officer of Daxor, who is also a
director of Daxor, and the definition of &ldquo;investment adviser&rdquo; under Section 2(a)(20) of the Act expressly excludes
any person who is a bona fide officer or director of Daxor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 9.e of
Form N-2 requires registrants to identify the name and principal business address of the custodian. Please include such disclosure
and confirm to the staff that the registrant is in compliance with Section 17(f) of the Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested. On behalf of Daxor, we confirm that Daxor currently intends to enter into custodial arrangements
for its securities with broker-dealers who are members of a national securities exchange in accordance with Section 17(f)(1)(B)
and Rule 17f-1 of the Act. Daxor will evidence these arrangements in written contracts (ratified and approved annually by a majority
of the board of directors), which will be filed with the SEC. These contracts require that (1) the securities be physically segregated
and marked to show that they are the property of Daxor; (2) the securities and other investments must be verified three times annually
by an independent accountant; (3) the broker-dealer not have the ability to hypothecate, pledge or sell the securities, except
at the direction of Daxor and for its account; and (4) the securities and investments may not be subject to any lien or charge
in favor of the broker-dealer. Daxor&rsquo;s current broker-dealers are TD Ameritrade, located at 1005 North Ameritrade Place,
Bellevue, NE 68005, and UBS Financial Services, located at 200 Park Avenue, New York, NY 10166.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In regard
to the section entitled, &ldquo;Directors and Executive Officers of Daxor Corporation,&rdquo; confirm to the staff that the registrant
is in compliance with Sections 10 and 16 of the Act.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf
of Daxor, we confirm that Daxor is in compliance with Sections 10 and 16 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 10 of the Act requires
that, generally, no more than 60% of the board of directors of an investment company may be composed of directors who are &ldquo;interested
persons&rdquo; of the investment company. The term &ldquo;interested person,&rdquo; defined in section 2(a)(19) of the Act, is
broad and includes not only those persons with such close financial or control relationships with the investment company that they
are deemed &ldquo;affiliated&rdquo; with it under section 2(a)(3), but also members of affiliates&rsquo; immediate families, interested
persons of the investment company&rsquo;s adviser or principal underwriter, legal counsel to the investment company and his or
her partners or employees, any broker or dealer registered under the Securities Exchange Act and its affiliated persons, and others
whom the SEC determines to have had, within the last two fiscal years, &ldquo;a material business or professional relationship&rdquo;
with the investment company, its principal executive officers, or any other investment company with the same investment adviser
or underwriter. Five of Daxor&rsquo;s six directors are not &ldquo;interested persons&rdquo; of Daxor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 16 of the Act requires
that at least two-thirds of an investment company&rsquo;s board of directors must consist of directors elected by shareholders.
All six of Daxor&rsquo;s directors have been elected by its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The staff
notes that Daxor has excluded disclosure regarding Mr. Phillip Hudson, &ldquo;who is resigning from the Board of Directors.&rdquo;
Please provide to the staff the effective date of Mr. Hudson&rsquo;s resignation, we may have further comments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Mr. Hudson
decided not to stand for re-election. As a result, his term as a director ceased as of the date of Daxor&rsquo;s annual meeting,
which was June 27, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please conform
the disclosure on page 6, &ldquo;Security Ownership of Certain Beneficial Owners and Management,&rdquo; to the tabular format required
by Item 10.5 of Form N-2.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will delete this disclosure because it is not required by Form N-2, and will instead disclose only the information called for by
Item 10.5 of Form N-2, in the required tabular format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In regard
to the &ldquo;Risk Factors&rdquo; discussed on page 8, consider moving this section to page 2 following the Investment Objectives
and Policies section.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Include disclosure
regarding the risks associated with concentrating portfolio securities in a single industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will include the requested disclosure in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The penultimate
sentence in the last paragraph on page 11 contains an impermissible incorporation by reference. It reads, &ldquo;. . . information
filed with the SEC subsequent to this prospectus and prior to the termination of the particular offering referred to in such prospectus
supplement will automatically be deemed to update and supersede this information.&rdquo; The registrant is not permitted to incorporate
by reference future filings as supplements to an existing registration document.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will delete this disclosure in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disclosed
on the last page of the preliminary prospectus, the staff notes that the registrant filed a definitive proxy statement on Schedule
14A on June 1, 1012. Explain to the staff the appropriateness of filing a definitive proxy without previously filing a preliminary
proxy for staff review.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Rule 14a-6(a)
does not require Daxor to file a preliminary proxy statement when the only proposals to be voted on are (1) the election of directors,
(2) the ratification of accountants and (3) the approval of the compensation of executives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 7</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>STATEMENT OF ADDITIONAL INFORMATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
fundamental investment restriction number 4, on page 4 of the SAI, please revise the policy to state that the registrant <U>will</U>
(emphasis added) concentrate in the utility industry since the use of the word &ldquo;may&rdquo; constitutes an impermissible freedom
of action.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 8 includes
disclosure regarding the &ldquo;Board&rsquo;s Risk Oversight Role.&rdquo; Confirm to the staff that the registrant is in compliance
with Rule 38a-1 of the Act, including the requirement of subsection (d) regarding the Chief Compliance Officer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf
of Daxor, we confirm that Daxor will be in compliance with Rule 38a-1 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please revise
the disclosure on page 13 of the SAI regarding Daxor&rsquo;s code of ethics. Provide the information required by Item 18.15 of
Form N-2 (<U>i.e.</U>, provide a brief statement disclosing whether the code of ethics permits personnel to invest in securities,
including securities that may be purchased or held by the registrant).</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition
to the immediately preceding comment, please confirm where on the website a copy of the Code of Ethics and Business Conduct can
be found. Or, if investors must request this information vis-&agrave;-vis the registrant&rsquo;s website, please clarify the disclosure
accordingly.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will clarify where the Code may be obtained in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On page 13
of the SAI in the section entitled, &ldquo;Portfolio Transactions and Brokerage,&rdquo; provide the information required by Item
22 of Form N-2, including the aggregate amount of any commissions paid during the 3 most recent fiscal years.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
will revise the disclosure as requested in the amended Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 8</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response
to the requirement to provide financial statements on page 16, you reference Daxor&rsquo;s Form 10-K. We have the following comments
regarding Form 10-K:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>a.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include the tabular or graphic presentation of portfolio holdings as required by Instruction
6.a. to Item 24 of Form N-2.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor included this disclosure in its Form N-CSR filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>b.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include the Schedule of Investments as required by Regulation S-X, Articles 12-12
through 12-14.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor included the Schedule of Investments in its Form N-CSR filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>c.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please verify that the registrant fair values its securities as well as the securities it
sells short. Please verify that the registrant&rsquo;s valuation policy is consistent with Section 2(a)(41) of the Act.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;On behalf of Daxor, we confirm that as necessary and appropriate Daxor fair values its securities. We also confirm that Daxor&rsquo;s
valuation policy is consistent with Section 2(a)(41) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>d.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please verify that the registrant will file its financial statements on Form N-CSR going
forward. <U>See also</U>, comment number 3 above.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor has filed its semi-annual report on Form N-CSR, and will continue to file its annual and semi-annual reports on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>e.</I></B></TD><TD STYLE="text-align: justify"><B><I>Under the section &ldquo;Accounting Policies,&rdquo; the disclosure states that the registrant
will use &ldquo;historical cost&rdquo; to determine all gains and losses. Please state whether the registrant will use Average
Cost, Specific Identification, LIFO, or FIFO to determine realized gains and losses.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor uses FIFO to determine realized gains and losses, and will state this in Form N-CSR filing for its fiscal year ending December
31, 2012, and in subsequent filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>f.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please state how often the registrant&rsquo;s net asset value (&ldquo;NAV&rdquo;) will be
calculated. The securities must be fair valued each time that the NAV is calculated.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor will determine its net asset value as of the close of regular session trading on the New York Stock Exchange on the last
business day of its semi-annual reporting period and its fiscal year, and will make its net asset value available for publication
on those dates. Daxor will state this in the Statement of Additional Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 9</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>g.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please include disclosure required by Item 24(b), (c), (d), (e), and (f).</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor will include the requested disclosure in its reports on Form N-CSR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B><I>h.</I></B></TD><TD STYLE="text-align: justify"><B><I>It is disclosed in the prospectus that &ldquo;[t]he Company&rsquo;s net short position will
usually amount to less than 15% of the company&rsquo;s portfolio value.&rdquo; However, the Form N-Q for the period ended 3/31/12
shows short sales totaling 70.16%. In addition, the Form 10-K for the period ended 12/31/11 shows short sales in excess of 15%.
Please explain this apparent inconsistency and restate the registrant&rsquo;s policy concerning short sales, as appropriate.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor notes that it may have short positions in common stock as a result of call options being assigned to it. However, Daxor does
not receive cash for these short positions. These short positions are usually almost completely offset by restricted cash which
is held by a broker and results in a net short position, which Daxor does not include in calculating the 15% limitation. For example,
at June 30, 2012 Daxor&rsquo;s securities sold short were 72.62% of its net assets. This was offset by restricted cash (receivables
from brokers) of 70.84% of Daxor&rsquo;s net assets, resulting in securities sold short, net of receivable from brokers, of 1.78%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>General</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that
portions of the filing are incomplete. We may have additional comments on such portions when you complete them in a pre-effective
amendment, on disclosures made in response to this letter, on information supplied supplementally, or on exhibits added in any
pre-effective amendments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
acknowledges this statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please advise
us if you have submitted or expect to submit an exemptive application or no-action request in connection with your registration
statement.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
does not currently intend to submit an exemptive application or no-action request. With regard to Daxor&rsquo;s stock option plan,
Daxor believes it may continue to employ the existing stock option plan without seeking exemptive relief. <I>See</I> South America
Fund N.V., SEC No-Action Letter (publicly available September 2, 1993).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 8pt 0 12pt"><IMG SRC="img02.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deborah O&rsquo;Neal-Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">November 9, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 10</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where no change
will be made in the filing in response to a comment, please indicate this fact in a supplemental letter and briefly state the basis
for your position. Please note that comments we give in one section apply to other sections in the filing that contain the same
or similar disclosure.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>Response</U>:&nbsp;&nbsp;&nbsp;Daxor
acknowledges this statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Staff has any questions
with respect to the foregoing, please contact the undersigned at (414) 297-5596.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Very truly yours,<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"><U>/s/ Peter D. Fetzer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">Peter D. Fetzer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"></P>

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    <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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