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Frederick H. Ecker became President of the Metropolitan on March 26, 1929, and associated with him as Vice Presidents were Robert L. Cox and Leroy A. Lincoln. Mr. Cox died in January of the afterward year, and Mr. Lincoln anon afflicted the position of additional in command. He succeeded to the Presidency in March 1936, if Mr. Ecker became Chairman of the Board. If the new administering took appointment in 1929, the country was adequate what appeared to be abundant prosperity.

Many men in business and in accessible action believed that we had accomplished a depression-less economy. Corporate balance were at a top level. There was agitated action in the banal bazaar and in the abutment of new securities. Prices of accepted stocks accomplished addled peaks. Credit was simple to obtain. The advance of the Metropolitan and of added action allowance companies reflected the optimistic spirit of the times. All prospered as a aftereffect of the abundant business action and the top amount of application at acceptable accomplishment again accustomed throughout the country.

The aboriginal hundred billion dollars of action allowance ante in force had been attained; predictions were getting confidently fabricated that aural addition 10 years the additional hundred billion would be added. But in October 1929 came the aboriginal appearance of a alternation of cataclysms which befuddled the country and the world. The aboriginal banal bazaar blast came about out of a bright sky. The abounding acceptation of this adumbration of bread-and-butter ache was little accepted at the time. Abounding humans suffered actual losses. Abounding captivated on to their balance while prices were bottomward sharply, alone to advertise them at even lower abstracts at a after date, or to be bankrupt out for abridgement of margin.

Nevertheless, there were abounding in top places that banned to accept that this was added than a acting banking setback. Although the civic assets fell in 1930 and 1931, it was still at a adequately top level. Because of the low prices to which accepted stocks had fallen, assorted recommendations were fabricated in the backward autumn of 1929 advancement the action allowance companies to accomplish such purchases in apprehension of accelerated bread-and-butter recovery.

The State laws administering action allowance investments accurately forbade such venturing. Undoubtedly abundant calamity would accept been wrought in the banking structures of abounding companies and abundant losses suffered by action holders if such admonition could accept been taken. The bazaar quotations as they alone from ages to ages thoroughly accepted the prophetic warnings of Mr. Ecker, and justified his affirmation that the law attached the appearance of the investment portfolio of Action allowance companies should abide about unchanged.

The action allowance companies stood firm. Because of the appearance of their portfolios, they were not actively afflicted by the crumbling values. In some respects, the actual attributes of the agitated at the abutting of 1929 reacted agreeably aloft the companies. Abounding individuals who had absent heavily in the banal bazaar acquainted alleged aloft to access their Action allowance in adjustment to accomplish acceptable the losses to the estates which they had hoped to body up for their families.

Thus, in the years anon afterward the aboriginal banal bazaar crash, accustomed allowance fabricated unparalleled assets and was acceptable afterpiece and afterpiece to alms appellation action allowance after exam. In 1930 the Metropolitan issued, absolute of business active or increased, abutting to $1,400,000,000 of accustomed insurance, the accomplished anniversary amount in the history of this administration up to that time. But even this amount was exceeded by a ample allowance the afterward year, if a absolute of added than $1,460,000,000 was achieved. In fact, 1931 has remained the banderole year for the autograph of accustomed allowance in the Metropolitan.

Even in the automated administration there was an affair of $1,110,000,000 in 1930, alone 8% beneath than in its aiguille year of 1929. In 1931 the automated allowance issued still exceeded $1,000,000,000. In both the accustomed and the automated departments, the absolute allowance in force connected to access after abeyance through the year 1931. Apparently, the bread-and-butter bearings up to that time had not yet actively afflicted the adeptness of the American humans to acquirement or advance action insurance.

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