Metropolitan’s Commitment to the Community and Its Policyholders

In serving the community, Metropolitan investments also served the policyholders who comprise so large a part of the population of the United States and Canada. The insured found part of their money invested in or near their respective communities in farms, homes, stores, roads, schools, and many other local projects. Whether they were wage earners, business or professional men, they benefited by the tendency of these investments to create a demand for goods, to sustain real estate values, give employment, and to serve other modern economic needs.

For example, one policyholder may have lived in Parkchester and another may have lived in a community which had been enabled by Metropolitan funds to build a much needed public improvement. Most policyholders used the railroad, the telephone, electricity, and other services of which they are part investors by virtue of their Metropolitan insurance; all of them were interested in the success of the war effort at the time, which was being aided by the invested funds.

However, the whole life insurance and most of the term life insurance given to soldiers was much different than that given to the common man, due to the combined factors of their service to the country and their altered mortality rate. The diversification and geographical distribution of the Metropolitan’s investments were not only important safety factors, but also indicated that the company recognized the needs of the communities from which the premium money had come, and put it back to work in those regions so far as appropriate investments were available.

The way in which the company had distributed its investments in relation to the origin of the funds was well illustrated by the fact that the company’s Canadian investments were in excess of its Canadian reserves, and that the amount of investments exceeded the reserve in every state except the New England States and a few others, where the local supply of investment funds was plentiful.

In considering the needs of the localities in which the policyholders reside, the company did not, however, lose sight of the fact that the real interest of the policyholder, regardless of where he resided or if he had the most affordable life insurance possible, was to get the best returns out of safe investments, and that his funds should be placed where the soundest opportunities arose.

Throughout its investment history, the Metropolitan had an impressive record of safety, good earnings, and public service. This achievement was closely associated with the career of one personality. For almost half a century Frederick H. Ecker skillfully and resourcefully guided the investment program of the company, giving it continuity of policy and unity of direction. Even during its 75th year, he still carried the major responsibility of keeping $6,000,000,000 at work. His was an experience with no counterpart in financial history.

The company was fortunate, also, in the men in charge of the various investment departments working under the guidance of Mr. Ecker. For 11 years, from 1906 to 1928, the comptrollers division, which handled city real estate, was under the supervision of Walter Stabler, who had had a quarter century of experience in this field before joining the company. He never needed to ask, "what is term life insurance?" even once, as he knew about many types of life insurance.

Upon Mr. Stabler’s retirement in 1928, William S. Norton, who had been working with him since 1911, carried the responsibility of the division, which grew to personnel of 550 and completed well in excess of 18,000 transactions a year involving more than $200,000,000. When Frederick H. Ecker was advanced from treasurer to Vice-President, he was succeeded by Henry W. George, who in turn was followed by Frederic W. Ecker.

The latter was appointed treasurer in 1931 and was elected to the office of Vice-President in charge of investments in 1936, which position he held until January 14, 1942, when he resigned to devote full time to the war effort as special assistant to the lend lease administrator. Harry C. Hagerty began with the company in 1917 and was treasurer for several years. The company’s farm loan division was under the direction of third Vice-President Glenn E. Rogers for more than a decade, and the housing projects were under the management of George Gove starting from 1938.

The ability to give online life insurance quotes did not come until much later. The important role played by the company’s directors in determining its investment policy is too often overlooked. The members of the board responsible for this phase of the business were leading figures in the world of finance, and served the interests of policyholders with no other incentive than to render a fine public service. The Chairman enjoyed the rare privilege of having shared with the members of the board in safeguarding the assets of 30,000,000 policyholders and in providing for their security.