The times., 1897-05-07
Charged With Sharp Practice in
a Real Estate Transaction.
HE MAKES A GENERAL DENIAL
Ex-Mayor IngleHart, of watertown.
n. ", Wants the Sale OF Thousand
Island Hotel to Mr.. Staples Set
Aside and Alleges That the Bond
holders Have Been Defrauded.

IDgichart, who for two terms has been
mayor Of the city of Watertow wn, is asking
the courts to set aside the sale of the Thou
sand Island Hotel at Alexandria Bay
N. Y, to Orsen G. Staples, proprietor of
the Riggs House, Washington, ID. c., be
cause he alleges that the sale was not
legally made. In making this petition
MIR. lngIefart admits that he entered
in.o coI.usis.n with Mr. Staples TO have the
lotc, bid in at a price below it's valve,
thus defrauding the bondhoders.
The Thousand Island Hotel was built in
1872 By O. q. Staples, then resident
OF Watertown. After conducting the hotel
for ten or twelve years Mr.. Staples soid
il to the Thousand Island Hotel Company,
by which it was mortsaged TO the Farmers
Loan and Trust Company of New York for
S126,ao0. Bonds for over 500, 900, Sc
cured by this mortgage, were issued and
floated The value CT the hotel property
has decreased since IL was sold by Mr..
Staples nd about two years ago an action
for the appointment of a receiver was coIu-
rnenced by creditor in Utica. Mr.
Staples was appointed receiver, but when,
some time later, the Farmers Loan and
Trust Company commenced an action 10
for. close the Sl25,0o0 mortgage, Howard
Folger, of Kingston, Ont, was substitut-
ed i'll his stead.
The mortgage was foreciosed, and when
1t was sold in this city, March 20, 1897,
ex-Mayor II. f. Ingiehart bid $50 500, the
property being sold to O. c. Staples, who
was the hignest bidder, for $24.3o0.
Mr.. Ingehart, in an affidavit presented
TO the court, now states that, though he
was prepared to bid $50 600 for the prop
erty, he WAS induced by Staples Co deSist
fro-a bidding and allow the Washington
Inal to bid in the property at figure be-
low its value, which Inglenart, who Is the
manager of two other st. Lawrence River
hotels, and familiar with property values
on the river, estimates at $4,000. He
claims that he WAS induced to take this
action by Staples Representations that he
was tire principal bontiholder, and that it
would be foolish for them to bid against
each other Mr. Ingiehart says Mr. Staples
expressed it thus: What is the use of Our
bidding against one another ald letting the
other bondholders get the benefit of it?''
After the sale Staples declined 70 sell
tha property to Ingiehart for 5000, as
the latter had anticipated, and Mr.. fngle-
hart wants the sale set aside, sJipuiating
that he will bid $50 900 for the property
In the event OF resale The motion papers
are now in the hands of Justice Maurice l.
Wright OF the Supreme Court
When seen at the Riggs House last night,
Col Staples admitted that writ had been
filed in tie watertown courts relative to
his nuycf,as GO of the above descrffled uTOuprty
he eniphatically denied that there ad been
ans agreement between himself and ex-
Mayor Inglehart regarding the disposition
OF the property after the sale to the latter
at any fixed price he had offered before
the sale took place, he said, to purchase
the hotel property and resell it TO Inglehart
at stated price, the same 70 be paid
for on long time,s but that they could nos
agree as To terms and the sale fell through
He denied that Inglehart and himself
were the only bidders on the day Of safe.
On the contrary, there were four or five
others, and his bid being the highest
he became the purchaser. There was 10
coilusion of any kind. and the sale was
bona fide one. The suit to set aside the
sale was begun April IA, 1897, and Mr.
Staples said many affidayits were filed
showing beyond any dispute that there
had been no collusion prior to or at thesale
or the $50, 600 bonds originally issued
by the Thousand Island Company, Mr.
Staples is the owner OF S5T 900 The
motion to set aside the sale, he said, was
made on behalf OF the Farmers Loan and
Trust Company of New York, acting as
trustee for number of small bondholders