Metropolitan Life Insurance's War Efforts

Parkchester was cited by housing experts and by all interested in public welfare as an important civic contribution. It is the largest housing project ever undertaken either by private or public agencies in the United States. Parkchester has demonstrated that convenient location, attractive surroundings, and comfortable living can be provided at moderate rentals and can still net a reasonable return on capital. It has proved the feasibility of providing such housing without Government subvention of any sort. Since the completion of Parkchester the Metropolitan Life Insurance Company launched other sizable housing developments, one in San Francisco, another in Los Angeles, and a third in Alexandria, Virginia.

At the same time the new home office building program of the company continued. By 1941 all but the last quadrant of the building between 24th and 25th Streets on Madison Square had been erected. A large and imposing office structure took shape across the way from the Tower, a fine addition to the skyline of New York. Under those two roofs more than 15,000 employees of the company took care of the ever increasing volume of business. It was a source of gratification to the executives that even during the period of disturbed economic conditions, the company continued to grow and continuously found it necessary to increase the staff at the home office in order to provide lower term life insurance rates.

On the other hand, because agents were taught how to make more effective use of their time and energies, because ordinary insurance constituted a larger proportion of the business as a whole, because monthly premium insurance grew and a larger percentage of industrial weekly premiums were paid directly, the company found it possible to handle the growing volume of business with a smaller field Force. This adjustment was made without dispensing with the services of any man properly performing his duties.

It has been so conceived as not to impose any hardship upon faithful representatives of the company and has been affected only as retirements, deaths, and resignations have occurred. At that time it had never been necessary for the company to let anyone go for the want of useful employment in the home office or head offices or in the field.

As it has been aware of peacetime responsibilities, the company dedicated itself with even greater resolution to its wartime obligations and providing different types of life insurance. It has contributed to the financial resources of the two countries it serves through the purchase of large blocks of Federal and Dominion securities. In the year after Pearl Harbor, the company increased its holdings of United States Governments by more than $550,000,000, bringing the total to nearly $1,700,000,000. Also during that year it increased its holdings of Dominion Government securities to a total of about $130,000,000. It was also encouraged the purchase of War Bonds and Stamps by policyholders through the efforts of the field force and by its own employees.

The company has made available to the Government a number of its experts, who have given valuable advice and technical assistance in various fields. In addition, Frederic W. Ecker resigned his positions as Vice President and member of the Board in January 1942, to give his full time to the LendLease Administration as special assistant to Mr. E. R. Stettinius, Jr. Both these important positions were filled by the promotion of Charles G. Taylor, Jr., formerly Second Vice President. A total of over 3,000 members of the home office and field staffs joined the armed forces. The entire organization, and the institution of life insurance as a whole, had been geared to the fullest effort in support of the Government at war.