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Show WHEAL IS NOW MPOT Salt Lake, Aug. 6. The Commonweal Common-weal Supply company, which made an assignment Thursday in favor of lu creditors, had assets of about $2000 Mid liabilities probably ?500 in excesr uf thajt amount. The Utah Association Associa-tion of Credit Men, to which the two stores of the company were trans-lerred. trans-lerred. has placed In charge J. Phil-Hps, Phil-Hps, the recently appointed manage: of the company. Mr. Phillips succeeded suc-ceeded Louia P. Hill, who Is declare .1 to have mismanaged the affairs of the company. An Inventory ls now being taken of the stocks at 261 South West Temple street and the store at Halllday. IL is thought that the assets will not exceed the estimate of 12600 given by the officers of the company. A Socialist Enterprise. The Commonweal Supply company was promoted by Murray E. King, md was a pet commercial organization organiza-tion of tho Socialists of this city. It seems that the resolution adopted at the late Socialist state convention to tbo effect that Socialists were pledged pledg-ed to support tho company Jid not bear the best kind of fruit A number of reasons are advanced tor the failure of the company. Those In a position to know Bay that the business was entrusted to person? who did not know the A B Cs of tho grocery trade, and that the assignment assign-ment was tho result of mismanagement. mismanage-ment. It is furthermore maintained that tho customers of the company were so scattered throughout the city, the greater number of them being two or three miles from the business center, that It required considerable money to pay the delivery expenses. Whatever the reason, the company Is down and out. Stock Is Outstanding. Several hundred dollars in return-?blc return-?blc stock is outstanding among poor people of the city. It is likely that they will turn in' this stock as part payment of the bills they owe the company. If this Is done, it will uean that the liabilities will be Increased In-creased to the amount of that stock. The Commonweal Supply company is tho second co-operative concern tj go the assignment route during the-paM the-paM two years. About two years ag there was organized In this city, by tallroad men, the Salt Lake Co-operative store. The men put In charge of the affairs of the company were not skilled hi the tricks of the gro eery trade, and in a short time the store met the same fate as was recently re-cently met by tho Socialist concern. |