the very palpable evasion of the issue. I asked him if the details of the transaction described in Everybody's, in which the New York Life Insurance figured conspicuously, were true. He answered by saying that he made money out of the trust company venture and retired. The fact that New York Life money is so deposited as to suit the convenience of the "System" in its heads—I win, tails—you lose, operation, is a matter which has escaped the attention of the astute financier. I have written him further, calling his attention to the fact that his letter conveys no information not heretofore made public in circular but that my inquiry was directed to the particular transaction alluded to in Everybody's, and requesting a flat affirmation or denial.
Trusting that these facts may be of assistance to you, I am,
Yours very truly,
(Signed) H. C. DeRan.