Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-05
HEAD OF INSURANCE
FIRM IS OPTIMISTIC
Ecker Believes Business Win
Show Recovery During
Remainder of Year.
BY JOHN F. SINCLAIR.

BI JOhN r. SANNLAANs
Special Dispatch to The Star.
NEW YORK, September 5.-Frederick
n. Ecker, president of the Metropolitan
Life Insurance Co. of New York, the
worlds largest in point of assets, thinks
business during the last quarter Of 1880
will equal sin general that Of the corre-
spending period of last year."
cit is a significant fact that even the
first seven months, when economic con-
ditions were generally subnormal, yield
ed an aggregate volume OF insurance
greater than the first seven months OF
1929. when economic conditions were lar
more favorable. The human lie values
of the population are still SO Tar unoer-
insured that we in the insurance busl-
ness can count upon fairly steady con-
tinuance of the longtime witnessed Aor
many wears past" Mr.. Ecker told me.
asked Mr.. Ecker to elaborate on the
forces which, in his opinion, favored re-"
covery in general business conditions.
Credit Is Plentiful.
"One is the plentiful supply and low
orice of business credit-the cumulative
Effect, of which over period OF SONY
months seems likely to make itself Ieit
coon Another force of great s1gnln-
tcance is the large volume of bond issues:
s,,;4, other evidences of a favoring bond
market in recent months. Also, ! mo
announcement in the fact that fully III
months of subnormal activity In manu-
facture have now elapsed-a period long
enough to advance greatly the olges-
ton process which mevltapiy 1uAowo .
period of abnormal activity, such as we
had in the first half of 1929: lnven-
Aories are admittedly not yet digeSted IN
some industries, but surmise that
ne had complete data on invisible. as
well as visible, inventories-not only III
all the industries, but also those IN Ine
hands of ultimate communicative coulo
see much clearer signs OF gIoWLass s nCods
are In finished and Seml-nnlneo gooos
On hand, Last, but not least among tne
favorable evidence, Is q recent cnange
for the better in business sentiment.
Trnon the negative side-the forces
~lhjch are holding back business recov-
erv--the comment of this life insurance
president was: e..
Somewhat depleted incomes from "s
xic,,Itllre coupled with the weakness III
building construction Eesulting FROM
nverproduction of some types In recsnC
Taorr seem to me the chief reCaroIn8
Sorces Foreign trade might also pe
mentioned. since the nearly WORLDWIDE
Io0o-20 depression has naturally cur
tailed demand from foreign sources, pue
after all the size of our nome maIA S.s
greatly outranks the export market Al
importance. S +,a +re-
x,endous resources that this LIE nsur-
ance president does. The MetLopohea1h
srvaSts unfortunately one million COL
lars a day. For years, Mr.. ECKER laS
been the head of the commlttee CLla.
has been investing this vast sum IaIge ~
in American enterprise. 30 nls leP SS,,S ~
axe question of when business Woulo
start to move up is of particular M
onrtance to American business. He SAG
at look for early resumption OF the
s,evivaI of industrial activity, winch
seemed in evidence during the nrst 1ouI
nr FIVE months Of this year, put was 80
seriously interrupted by the setnack t,o .,
lime and July. The business SlVuataon
ses,,,s In me To have reached q position
~ balance which should definitely cneck
Snrther material backsliding, ana Is
more likely to be followed by pertoo
IN which the favorable factors pre-
dominate more and more.
Meyers Record.
Eurene Meyer, announced as the
s,ronahle successor OF Roy A. Young as
Governor of the Federal Reserve BOARD,
Ssas horn in Los Angeles, Calns Do years
400 For a time he attended the UNI
yersity Of California, but graduated
from Yale in 1895. ..... 80
ananoe. After his graduation he spent
two wears In Europe, continuing ms
studies in this field. In 1901 ne or.
raniged his own banking ana nnanclal
comnsnv. and in the 16 years ne was
active in this business he Is Reported
to have been most successful;
In 1917, largely through tne H tnoS
ence of Bernard M. Baruch, then head
If the War Industries Board, ne re-
signed from the dictatorship OF many
Srnrnorations. retired from business IN
New york and entered the Federal Gov
ernment service as one OF the ADVISERS
Of the Council of National Defense: j.,
President Wilson, In 1913, appointed
him director Of the war Flnance Cors
poration and year later ne was eiecteo
managing director. President Harding
reappointed hirn, as did President Cool
When President Coolidge decided TO
reorganize the Federal Farm Board
eugene Meyer was appointed one OF the
Farm Board commissioners.
On several occasions It was reported
that he has been offered positions IN
the cabinets of both President Coolidge
and President Hoover.
The salary paid to the governor
I$12O00) viii have no influence one
way or the other, for his large indie
pendent means will enable Mr.. Meyer
To continue his activities in washing
ton, city which has been ms nome 1or
IS years.
The momentary resignation Of Ed
Sn,Ind Plat of New York, vice governor,
- expected in due course, thus elimi-
hating the legal barrier which prevents
two members OF the board coming from
the same State.
More Golf Courses.
Bryce Edwards has been telling bank
AIRS in the American Bankers AsSocia-
zion journal that the country needs
more golf courses.
Bobby Jones says there ought to be
D golf course for every 5000 people N
This country and that would mean a i
10000 golf courses, or about four times
as many as we have at present., says
Mr.. Edwards. "Since golf is everybody's
game and life time diversion, afford
ing the utmost In healthful recreation
the recent rapid growth in popularity
probably will continue"
Many farmer, hard-pressed for cash
has struck pay dirt" by selling q par
Of his farm for a country golf course
This suggests to Mr.. Edwards that
much OF the waste land along highways
the rocky, rough, sandy and billy
might well be transformed into idea
hazards for the golfers.
The present popularity OF the Ionl
Thumb golf courses may cause the en-
thusiasts to develop into real golfers and
demand more and more big courses
on the other hand, more people are
using the Tom Thumb golf courses to.
day than are using the regular gol
courses. 1t may be only passing craze
or 1t may develop INTO a real feeder
for big" golf.
But more people are playing golf and