The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-12-29
LOU PAYN DENIES HAVING
RECEIVED BRIRE OF $4,000
Frederick \. Cromwell Accuses MCCurdy of False
hood When on the Stand.
Insurance Investigation DscOses Odds and Ends of RasCay
Jerome Gets Copy of All the Evidence for the
Use Of Grand Jury In February.

a EW YORK, Dec. 2S.-Louis F. Payn
and ]. Ryder Cady. who was en-
ployed at times as counsel by Mr..
Payn while the latter was state super
1ntendent OF insurance, were the wit
nesses today before the insurance in
vestigation. and who furnished practi-
cally all of the interesting testimony,
Notwithstanding the fact that more
witnesses were examined than on any
other day since the investigation began.
Mr.. Payn was called 10 complete his
testimony interrupted by adjournment
yesterday, and in reply to one of the
first questions asked him emphatical-
ly denied the report that he had re-
ceived $40. coo from the Mutual Reserve
Life Insurance company and had al
lowed that company to wriJe its own
report OF an investigation which Mr..
Payn had caused TO be made in 1899
Mr.. Payn characterized the report as
absolutely false in every particular, and
said 1T grew out of a fight between
James D. Wells. former vice president
OF the Mutual Reserve, and President
Burnham of the same company.
Refused, Then Granted.
Judge Cady was brought into the in
vestigation by reason of his having ap-
peared before Mr.. Payn in the interests
OF Prussian insurance companies seek
ing admission TO the United States.
This application was denied by Mr.
Payn, but two years later was granted.
President McCurdy OF the Mutual
this permission be held up until he
could see Mr.. Payn. This request was
refused, but MIR. Payn had Judge Cady
call upon Mr.. McCurdy.
Mr.. Hughes asked if Mr. McCurdy
said the Mutual Life would pay any
money for a contrary decision. Judge
Cady said he did not. but that MIR. Nc
Curdy offered him retainer in behalf
OF the Mutual Life, which he refused.
New York Life Affairs.
The New York ONCE Of the insurance
department was inquired into when
Robert Hunter, deputy superintendent,
was called. Mr.. Hunter could add Moth
ing as the conduct OF the insurance dS-
partment TO what already had been
supplied. It was brought out that
through his influence he had had a
medical examiner Of the Equitable Life
Assurance society in Poughkeepsie dis
charged
Accumulative evidence on the allot-
ment of the 900 shares of stock of the
Lawyers Mortgage Insurance COM
pany. which While held for the Mutual
Life Insurance company were accred-
tied 10 members of the finance board,
was taken in the examinations of Ad-
rian Iselin and G. G. Haven OF the
finance committee, and of Frederick H
Cromwell. the present acting president
of the Mutual Life.
Henry Morgenthau Of the Lawyers
Mortgage Insurance company told how
Mr.. McCurdy had become indignant be-
cause he had not been allotted shares
in the Lawyers Title Insurance &
Trust company, and to appease him a
block OF Lawyers Mortgage Insurance
company stock was offered him, but he
would not take IT, and further gave Mr.
Morgenthau to understand that no ap-
plications for loans from either COM
pany would receive consideration from
the Mutual Life.
Cromwell Is Headsman.
When Mr.. Cromwell was on the stand
he was asked what consideration he
had given to economies in the Mutual
Life Insurance company. He said he
could not give exact figures for the rec
ord. but that there would be a saving
of perhaps a million and a half dollars
next year. He added that the most un-
pleasant duty he had had TO perform
was that of being headsman in dis
charging employees during the last few
weeks.
Late in the day the United States !
Life Insurance company's affairs We're
taken up by Mr.. Hughes. The presi- |
dent of the company, John P Mum, |
was called to the stand He submit |
ted a number Of statements Of syn |
dictate participations which were read |
for the record, also statements OF the |
cost Of insurance TO his company. He /
will resume tomorrow.
District Attorney Jerome today re-
ceived a copy of all the evidence thus |
far submitted to the insurance inves- |
tigating committee. There are numer- |
Gus volumes. Acting District Attorney
Mott said today that a special grand /
jury would probably be empaneled in
February TO consider the testimony.
MrHIRnN nPENLAnIcArEn