Investor Ecker

Many a U. S. citizen, little acquainted with the individuals who head U. S. corporations, has at least long known that venerable HALEY FISKE was president of Metropolitan Life Insurance Co. Last month, however, Mr. Fiske died (TIME, March 11). Now the U. S. citizen, asked to name Metropolitan's chief, must remember that it is FREDERICK ECKER who heads what President Hoover once termed "the greatest single institution devoted to public welfare." The Metropolitan has in force some $16,000,000,000 of insurance from some 40,000,000 policies; its income is approximately $2,000,000 a day. In the appointment of Mr. Ecker to its presidency, the Metropolitan selected no outsider, no Professional Executive, to handle its gigantic business. The professional executive is usually an importation from a company's financial backers, and the Metropolitan is, of course, nobody's toy train. Nor does Mr. Ecker belong to the small group of Dynastic Executives who inherit their positions. He might well be termed a "log cabin to White House" executive.

The grandfather of the new Metropolitan head served on the staff of one of Napoleon's generals. The father, also an army man, sent Frederick Ecker to a Brooklyn Sunday school of which Joseph Fairchild Knapp, founder of the Metropolitan, was superintendent. At the age of 16, Mr. Ecker got his first Metropolitan job. He distributed mail through the office, worked from 8 a. m. to 6 p. m., received $4 a week. As his present salary is almost $4,000 a week (he is said to receive $200,000 a year), his advancement has been very considerable.

Mr. Ecker has spent the major portion of his 46 Metropolitan years working on the financial and investment side of the business. When the office of comptroller was established (1905) he was its first incumbent; when the company grew to the point where a treasurer was necessary (1906) Mr. Ecker was first treasurer. Since 1906 he has been in charge of all investments.

The election of a new Metropolitan president was accompanied by the election of a new Metropolitan director-- Alfred Emanuel Smith.