The Bridgeport evening farmer., 1916-06-06
JOHN B. CHAPLIN,
 MERCHANT KING,
 HAS ONLY S200
Says He Gave Up All His Property To Pay
 Creditors.


 lin, up to two years ago head of a string of stores which did an annual business in excess of $1OO,O 1000; whose notes for over $31. 100000 were discounted without question; whose cash accounts in banks and trust com panies aggregated into the millions, testifying before a judgment examin- CT, said that:
 He has now $20O in bank, and jew elry, clothing and other personal ef- fleets worth at high valuation not more than $+,COO.
 He has now nc real estate holdings, no stock CT hand holdings, no life in surance of his own or any one else's s no partnership assets, no assets in hand except the $20O and personal ef- fects, and none in prospect and no business.
 ' The Merchant King" as he used to be called, told to Judgment Examiner Maas the story of his present poverty and the further story of how he had stripped himself of every possible as- set to satisfy, as far as he might, claims against him, which kept on pi1ing up after the H. B. Clahin Com pany, of which he was the head, had a receiver appointed for it.
 He told it under the questioning of R. G. Babbage, Secretary for the Unit ed States Realty and Improvement Co.,, which holds a Judgment (unsatisfed) for $39,574 obtained under a guaran- ty for the rent of the old O'Ne1l1- Adams store in Sixth Avenue A copy of Maas's report of the examination has just been filed in the office of County Clerk Schneider.
 Not Engaged in Business.
 ''I have no office in New York" tes-, idence is Morristown, N. J.,, and am not engaged in business of any kind. am not interested in any partner Ship. I have a balance of about $2O0 in the American Exchange Bank, but I own no personal property Except my personal effects, which are not worth more than $2,00O. Yes, I am sure that $2,0O0 will cover it a11-wearing ap- parel, jeweIry and such things
 .''No,'' MT. C1aflin replied in answer to a question. q have no interest in any stocks which may become absolute in the future, nor am I party to any contract which may yield me any stock in the future. To the best of my knowledge no person or corporation owes me anything with the exception of my $2O0 in bank
 The former merchant king told of the various assignments he had made after the H .B. Claf1in Company went into a receivers hands, most of which has come out before. But he
  in cash to women creditors of the H. B. Claf1in Company against whom the "receivership was working hard ship Questioned further about this, he explained:
 ''These were different persons having deposit accounts with the H. B. C1af1in, Company who depended son the ac- counts for a living, and I felt very strong moral obligation to pay them.''
 Transferred Nothing to Wife.
 He testified that his account with his brokers was his own personal ac- count. He said he had neither trans ferred nor given anything of value to his wife. When asked about the re- ports of the receivers of this com company to be indebted to him and a. later one showing the indebtedness to be the other way, he replied:
 f'It was a serious question whether I ever guaranteed the O'Nei1l-Adams account. They claimed I had and that the assets were not sufficient to pay the liabilities. My own opinion is that they were. If the business had been carried on I believe it would be going, to-day and would be making a little rnoney.'
 Following MT. Claf1in's examination, the creditor also questioned James s. Alexander, President of the National
 
 Der of the Noteho1ders' Committee.
 In reply to questions asked by Alton B. Parker, MT. Alexander said: etThe committee understood that MT. C1af1in was turning over substantially all his real and personal property. For this property he got a release of all in debtedness claimed to be owing by him and a certificate of beneficiary inter est to him or his nominee in the en- tire capital stock of the Mercantile Stores Corporation, after the payment of the indebtedness of the corpora tion.'
 MT. Alexander estimated the CIaf1in property thus turned over at from $5OO,O0O to >$750, ,00O, with the former figure, in his opinion, being more near ly correct.
 'FWe were told at the time he turned over his property added the witness, That MT. Clafin had creditors oth- CT than the H. B. Claf1in Company
 MT. Alexander also testified that the deposit creditors got nothing from the trustees except the IS cents that all creditors received, but from other sources received AZ 1-2 per cent. in cash for the sale at par of that amount of notes of the Mercantile Stores Cor poration which they owned and sold.