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Show ii Louis P. Hill, Former Manager Jj of Concern, Tells His H ! HE GIVES THE REASON FOR HIS RESIGNATION New Light Is Thrown Upon the I Failure of the Iu- I stitution. j Louis P. Hill, former manager of the ! now defunct Commonweal Supply com- ! pony, declares tli;U lie resigned from tlie PH j management of the concern as soon as II he learned that the Socialist state con-' con-' ventlon had pledged its support to the J organization, thus making it a Socialist 1 institution. Ho statos that he is an I American in local politics and could not if consistently remain identified -with a Pj i Socialist organisation. Too many hands In the pie and a too ready dlsburso- M ment of funds by the directors arc given Jj l G8 causes of the failure of the concern. J Mr. Hill had the following to say Sut- j urday: "The company was organized In J ( March, with a capital of $2500, of which HHJ $250 was paid up. It was expected, and HHJ so stated by the directors of the com- HH pany, that a number of stores would be J started right away. At that timo I did j not know thai it was a Socialist organl- J zallon. In fact, I was led to believe that J I it was simply a co-operativo organlza- J tJon of people of the city. Relying on Jl 1 the representations made. 1 went to J rt' W. S. Henderson and otner wholesale HH 4 grocers and on my cYcdll alone the stock HHJ J of goods was sold. Record of Sales. "Tho April sales of the store at 261 HHJ South West Temple street amounted to J $509.26. an average of $21.01) a. day; tho J Mav sales, 51021.50, an average of $30.28 J a day: tho Juno sales. $1700.75. an aver- J . age of $6S.03 a day; July, up to the timo J ; I resigned, on the 2Cth, $1219.95, an av- flflj erago of $62.50 a day. J "All bills owed by the company to wholesale concerns wore paid tip to July J 1 with the exception of S32S due W. S. Jl Henderson. At the lime 1 resigned thorc Jl j was in the treasury over $200 and cash J ; tn hand of $50. Mr. Henderson's bill thus HHJ Could have been wiped out, leaving a J clean slato up to July 1. At ttie timo 1" J ! lesigncd Mr. Sorenson, the credit man J for Mr. Henderson, went over tho books J and at a. meeting of the board of dlreo- J lors that evening reported to them that J the business was in ship-shape condl- J lion and that he could not consistently flflj close up the concern. J "Up to July 2(5 the amount of membcr- J ship stock sold was $(180; the amount of flflj withdrawable slock sold was $1250; the PPJ amount of unissued stock $S0, making a J total of $2010. Out of this money rc- J ceived the board of directors ordered paid J to Murray 33- King, president, for speak- J ing to unions and getting up some lct- J , lers, $50; for general expenses, $216.40; J for advertising, $190.1:!. for fixtures, S213.35; for commissions to George 12. PPJ Watts and others for sale or stock. $122: PPJ for horses and wagons, $346.25, making PPJ a total of $1138. 1.'!, leaving a balance of PPJ ; working cnpital of $S71.S7. Committee Is Named. PPJ i i "During the month of April the board PPJ i appointed a committee to fee W. C. PPJj Bowdidgc regarding the renting of his PPJ . "building at '162 North Sccono West street, PPJ - r Mr. Bowdidgc was engaged at a salary PPJ j of $100 a month and his nullding was PPM j rented for $30 a month. Tins was done PPJj " . because they expected to open a store PH . ( right away. This building has stood idle, PPJ ? 1 1ho company paying the rontal on same, PPJ j during May, June and July, the com- PPJ I Tiany deriving no benofil from this dive PPJ t 1 into high finance. Mr. Bowdldge, hav- PPJ ihg been tinder salary for two weeks PPJ I and having done nothing, was brought PH I 'by mo to the West Temple Hlrcet. store, PH ' and T persuaded him to forego the two PPM '( wcolts' salary and gave him a steady job PPJI i i In the store. This is one of the cx- PPJj i pensea that the company claimed was PM exorbitant, but which was autnorlscd by PPJI ' the board of directors. : Stock Dwindles. H, : , "After I left the store the stock of goods on the shelves, which amounted : 1o from $1100 to $1200, was reduced about ' ! $500; tho shelves were left vacant In : a good many places and the sales only 1 averaged about $20 a day. cash. . ' "At the last meeting of the board of directora Mr. Henderson's crellt man, i Mr. Sorenson, told them that the credit I of the company had been nasca on Mr. ; Hill's reputation and that (ho moment i he stepped down and out confidence was IorL in Uio credit of tho institution. Tho - Ktockholdcrs even lost confidence and , they began drawing out goods on their : stock, which allowed them R0 per cent ! of all stock issued. TSvcu The president, ': Murray B. King, who had $10 In tho - company. lias drawn over $16 in goods, j At the time I left this account amount- cd to only $8 for the allotment that he was allowed to draw on the amount oi ' stock he had In tho company. "As soon as I found out that the So- ": cialist Htalo convention had jik-dged ite ; support to the Commoliwenl supply com- I nany, thus making it .a Socialist concern i I stepped down and nut." |