Milford chronicle., 1923-02-16
CHARLES WARNER ACTIVE
IN CREATING BUSINESS

How citizens of Wilmington and the
State of Delaware are being educated
to see the value and necessity of
systematic method of saving, is due to
the foresight, combined with the pow
er to put ideas into practice, of small
group of citizens who have been led
by one of WilmingtOn's active bust
ness men, Charles Warner. Mr.. War
ner Co. and of the American Lime and
Stone Co., which associated compan-
les constitute one of the largest pro-
ducing groups of lime products and
kindred materials in the East. The
progress that Charles Warner has
made in his private business is being
repeated in the way the thrift move
ment is being inaugurated through
building and loan associations.
On January 1, 1922, there were 49,
$40 shares of building and loan stock
outstanding in all the associations in
Delaware. The per capita of stock held
was $1765, one of the lowest of any
state. The country was in process of
rehabilitation after the war and en-
gaging in preparations for an inten-
sive business reconstruction. The
housing shortage was acute and the
lack of money available for mortgages
tended to discourage the construc-
tion of new residences.
How building construction was
stimulated and the number Of shares
of building and loan stock increased
from the 23,570 shares to 10000 thru
building and loan campaign, and the
money available for investment in
homes added to by $130,000 per an
mum and which is growing monthly
all indicate how we'll the plans of Mr..
Warner and his colleagues in boom
ing thrift in Delaware have succeed
ed.
A conference of prominent business
men was called and the situation dis
cussed. Mr.. Warner suggested that
broad plan be adopted for arousing
general interest in associations, and
from this suggestion was evolved the
Building and Loan Information Bu-
reau, with Mr.. Warner as president.
The purpose of this bureau was not
alone to start new building organiza-
tions safely, and establish them on
sound basis with strong men on their
zens broadly to use both the old and
new associations, whichever was most
convenient.
A monthly budget Of $400 was rails
ed for expenses, contributed by pub
lic-spirited Wilmington business men.
AS result of the activities, nine new
loan associations were organized in
and around Wilmington and 11,671
new shares were sold. The old asso-
Citations also profited from the slim
ulus given savings by this method.
One of the old associations sold 1900
shares on the beginning of new
series, whereas, it had never before
disposed of more than 600. One of the
new associations loaned $4,000 on
real estate mortgages in the first sew
en- months, and the desire to save
through building and loan associa-
tions is spreading in Delaware like
contagion.
The next problem was how to han
die the building and loan plan as a
state movement. In answer to this Mr..
Warner and his associates evolved
the Delaware State League Of Build
ing and Loan Associations" At a
meeting called in Wilmington 81 Of 33
loan associations of the state were
represented and Joined the state
league. This league is planning to ex-
tend its activities to every town in
Delaware where there are sufficient
inhabitants to warrant. Mr.. Warner
was elected president of the state
league and was made its representa-
tive in the National Association Of
Building and Loan Associations.
The state league plans to exercise
the same suggestive functions that
the state bankers association exer-
cises, providing the necessary stimu-
lus and cooperation for all new loan
associations. Systematic Saving" is
its slogan.
In order to arouse enthusiasm
throughout Delaware, the State
League of Building and Loan Associa-
tions has set aside the week Of Janu-
ary IS as Thrift Week. Governor Will
liam D. Denney, who is only too will
ing to cooperate with all progressive
measures that will add to the credit
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