The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-07
Louis P. Hill, Former Manager
of Concern, Tells His
Story.
HE GIVES THE REASON
FOR HIS RESIGNATION
New Light Is Thrown Upon the
Failure of the III
StitutiOn.

Louis r. Hill, former manager Of the
now defunct Commonweal Supply COM
pany declares that he resigned from The
management of the concern as soon as
he learned that the Socialist state con-
vention had pledged its support TO the
organization, thus making 1t a Socialist
institution. He states that he is an
American in local politics and could not
consistently remain identified with a
Socialist organization. Too many hands
In the pie and a 100 ready dsburse-
ment Of funds by the directors are given
as causes of the failure OF the concern,
Mr.. Hill had the following 20 say sat
urday: "The company was organized in
March, with Il capital of $2500 OF which
$3.50 was paid up. 1t was expected, and
so stated by the directors of the com
panys that a number OF stores would be
started right away. At that time j did
not know that II was a Socialist organl-
zation. In fact, L was led to believe that
il was simply cooperative organiza-
ton of people OF the city kelying on
the representations made, | went to
w. S. Henderson and otncr wholesale
grocers and on my credit alone the stock
OF goods was sold.
Record of Sales.
The April sales of the store at 26l
South West Temple street amounted TO
S509. IS an average of $2l.0 a day; the
May sales. S102l,o0. an average of S39.2S
n day; the June sales. S1700,T5. an aver
age of s6S.03 day; July. up TO the time
/ resigned. the 26th. Sl249.95, an nv-
erage OF $3.50 a day
"All bills owed by the company TO
wholesale concerns were paid UP TO July
/. with the exception of S32S due w. S.
Henderson. At The time resigned there
was in the treasury over $500 and cash
on hand OF $50 Mr.. Hcnderson's bill thus
Gould have been wiped out. leaving
clean slate up TO July 1, Az the time
for Mr.. Henderson, went over the books
and at a meeting of the board OF direc-
tors that evening reported TO them that
the business was in ship shape condl-
lion and that he could not consistently
close up the concern.
''Up TO July &c the amount OF member
ship stock sold was $780, the amount of
withdrawable stock sold was $3.50. the
amount Of uniSsued stock $50, making
total of 5000. Out OF this money re-
ceiycd the board of directors ordered paid
10 Murray Il. King, president. for speak
ing to unions and getting up some let
ters, $50, for general expenses, S2l6.40;
for advertising, S1g0.l 10. for fixtures,
s213.35; for commissions TO George y.
Watts and others for sale or stock. Sl22:
for horses and wagons, S3A6.25, making
total OF s113s.1S. leaving balance OF
working capital OF SS7l.S7.
Committee Is Named
During the month of April tho board
appointed a committee To rec w. &.
Bowdidge regarding the renting Of his
building at a62 North Secono West street.
of S100 a month and his building was
rented for $50 q month. This was done
because they expected TO open store
right away. This building has stood idle
the company paying the rental on same.
during May, June and July. the COM
pany deriving no benefit from this dive
into high finance. Mr.. Bowdidge, hav-
ing been under salary for two weeks
Nd having Ionn nothing brOnpDf
by me to the West Temple street store,
and ! persuaded him to forcgo the Two
weeks salary and gave him steady job
in the store, This is one OF the cX-
exorbtant, but which was authorized by
the board of directors.
Stock Dwindles.
after I left the store the stock OF
goods on the shelves, which amounted
10 from S11oO to $1,000, was reduced about
$500; the shelves were left vacant In
Il good many places and the sales only
AT the last meeting OF the board OF
directors Mr. Hcnderson's credit man,
Mr.. Sorenson, told them that the credit
Of the company had been oescc on Mr..
he stepped down and out confidence was
lost in the credit OF the institution. The
stockholders even lost confidence and
they began drawing out goods their
OF all stock issued Even rhe president.
Murray e King. who had $40 In the
company, has drawn over SIG in goods.
At the time I left this account amount
ed to only So for the allotment that he
was allowed 10 draw the amount OF
stock he had In the company.
"As soon as 1 found out that the So
cialist state convention had pledged its
support TO the Commohwcal supply COM
psny, thus making it a Socialist concern
1 stepped down and out.