The pronounced deprecation of civic real estate, ranch lands, and bond values called for the rearrangement of the investment portfolio of Metropolitan Life Insurance Company.
President Ecker, with his long and varied experience in this field, addressed himself to the result of this problem, made particularly delicate by the continued decline in openings for the profitable investment of insurance finances. plutocrat was accumulating in the storeroom because it was nearly insolvable to find proper investment channels. insurance companies for sale
Under these conditions and with a knowledge of communal responsibility, Mr. Ecker turned his attention to the field of moderate rental casing. At the age of 70 he launched a structure program unknown in social character and magnitude, to give homes for persons of medium income in New York City.
He located a large tract in The Bronx, guided the planning of acceptable structures and services, and saw step by step the fulfillment of his expedients in the completion of a model community, Parkchester. By the early 1920’s,,000 people lived there, a splendid donation to the moderate priced casing program of the megacity and the Nation.
Analogous casing developments were accepted under Mr. Ecker’s direction both in San Francisco and Los Angeles, and latterly in Alexandria, Va. similar structure programs, without precedent in the United States for a private company, were honored by public and private agencies as an important donation to the casing problem in the period of war exigency.
At the same time, they served as an excellent investment field for the company. During the period of fiscal depression there were examens of every business; and the business of life insurance, homeowner’s insurance, and indeed machine insurance in general and the Metropolitan specifically weren’t pure.
Notwithstanding the splendid record of the major companies, colorful movements for probing the life insurance business and health insurance providers were initiated in Washington. In 1938 the Congress of the United States responded to a communication from President Roosevelt and included among the subjects to be delved by the Temporary National Economic Committee certain investment phases of the business of life insurance.
The disquisition was assigned to the recently created Securities and Exchange Commission. Those responsible for gathering substantiation to submit to the T.N.E.C. lost no occasion to seek out material for review in the business and directed much of their attention to the Metropolitan. The company took a establishment stand in behalf of its policyholders and presented substantial talkie substantiation to show that it had conducted its numerous conditioning in the public interest, and that its size hadn’t involved any abuse of profitable; that its position as investor of trustee finances as specified by Statute forestalled similar power.
Nor had its size obtruded with its effectiveness as a social association. In fact, the company had increased in action and in service as it had grown. After the conclusion of the sounds, the comment of the Chairman of the T.N.E.C. was that the life insurance business had come through with flying colors.
The failure of the trouble to find serious fault with the administration of life insurance in general is stylish substantiated by the character of the recommendations which were made by the Temporary National Economic Committee. These, for the utmost part, had to do with a number of suggestions as to variations in the practice of State supervision. The print made on the public by these sounds is to be measured by the fact that, during their progress and after their close, the quantum of new insurance written by the companies and the lapse rate were exceedingly satisfactory.