The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-12-29
GRAND JURY FOR
INSURANCE 5. 4 CASE
More Witnesses Heard Than On
Any Day Since 1nvcstiga-
ton Began.
MONEY For DECISION
Attorney jerome i'll Receipt Of
Copy Of All Evidence
Submitted.
FOR DECISION
MONEY

(By Associated rrcss.l

(By Associated Prcss9
NEW YORK, December 2S--I.o,iis u.
| Payn and j. Ryder Cady, who was en-
ploycd at times as counsclsbY Mr.. Payn
while the latter was State superintendent
OF insurance. were tho witnesses to-day
before the Insurance Investigation Com
mittec, WHO furnished practically all OF
the Interesting testimony, notwithstaid.
ing the fact that moro witnesses wcro
examined than on any day since tho
investigation began.
Mr., Payn was called to complete his
testimony. interrupted b. adjournment
Yesterday, and In reply to ono OF the
llrst questions asked him cmphatically8
denied the report that he had received
5000 from the Mutual Reserve Life M
suranco Company and had allowed that
company to write its own report OF an
investigation which iNlrnpayn had caused
70 be made in 1899 iAI,. Pawn t.b,rac-5
stcrizcd the report as absolutely false in
every particular, and said 1t grew OFF
Of fight between James d. Wells.
former vice. president ofSthe Mutual re-
serve, and President Burnham. OF tha
same company.
Cady in Investigation.
JudSe Cady was brought Into the in-
Nestiga ton by reasonaof his having an
pehred before Mr.. Payn. In the interests
Or tho Frussian Insurance Company.s
seeking admission to- tie state. This np-
pl1cation was denied by Mr. Pa yin, but
Two years later was granted President
McCurdy OF the Mutual Life Insurance
company, asked that this permission be
llcid up until he could SEQ Mr. Payn
'This request was refused but Mr. Payn
mad Judge Cady call upon Mr.. AIcCurdy.
{t1ph oil, RI n Hr.
the Mutual Life would pay any money
I FOR contrary decision. Judge Cady said
he did not but that Mr. McCurdy offered
hima retainer in the Mutual Life. which
he refused.
Tho New York Office Of the insurance
department was inquired into when
Robert Hunter. deputy superintendent. z
was called. Mr.. Hunter could adj moth
Ing as TO the conduct OF the. insurance
department to what had already been sup
Piled. 1t was brought out that through
his Influence he had Il medical examiner
of the Equitable LILO Assurance Society
In Poughkccpsic discharged
So-7e Accumulative Evidence.
Accumulativc evidence on.tie allotment
iOf the Loo shares Of stock of the Law
ycrs Mortgage Insurance Company.
which willie held for the Mutual Life
Insurance Company,tsRcrc credited 10!
members of the Mutual finance board and I
II
rian Iscn and G. G. Haven, of the a.
nance committee. and of Frederick IT.
Cromwell, the present. acting president
4 of the Mutual Life.
Henry Morganthau, OF the LAWYERS
MORTGAGE Insurance Company, told how
Mr.. McCurdy had become indignant be-
cause he had not been. allotted shar"s In
the Lawyers Title Insurance and Trust
Company. and to appease him block
of Lawyers Mortgage Insurance Company
stock was offered llin,,tbut lie would not
take It, and further gave Mi. Nlorganthau
Y to understand that no appllcat ion lora
loans from either. company would re-
Active consideration from ltiln Mutual
Life. When Mr.. Cromwell was on ne
stand he was asked what consideration he
had given to economies In the Mutual
life.
Million Dollar Savings
lIc said lie could not give exact figures
for the record but that there would %
a saving OF perhaps n million and a ralt 3
dollars next year. lie added that INC .
most UNPLEASANT duty he had had TO per-
form was that Of discharging employees
during the last few weeks,
Later in tho day the United States
Life Insurance Company's affairs were
taken up BY Mr.. Hughes Tho president
of tho company, John p, Mum. was
called 10 the stand. He submitted
number Of statements or syndicate par
8ticlpations, which were head Tor 1n@
record also statements of the cost LOT
insurance TO his company. lie Will re-
sumo tomorrow.
District Attorney Jerome to-day re-
cclved Il copy Of all the evidence thus
far submitted to the Insurance lnvesllg a-
ton committee. There are numerous
volumes.
Acting District Attorney Mott said that
special grand jury probably VIII DO
empaneled in February to consider the <
Testimony.