The marked depreciation of urban real estate, farm 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 solution of this problem, made particularly difficult by the continued decline in opportunities for the profitable investment of insurance funds. Money was accumulating in the treasury because it was almost impossible to find proper investment channels.
Under these conditions and with a consciousness of civic responsibility, Mr. Ecker turned his attention to the field of moderate rental housing. At the age of 70 he launched a building program unprecedented in social character and magnitude, to provide homes for persons of medium income in New York City.
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