The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-31

NEW YORK. July 3O.-The reason that
prevents Comptroller Bird S. Ccler from
accepting the nomination for Governor are
both OF family and business nature. and
are T - Imperative a character as prac-
tically 10 leave him no other choice than
poslt.'1ly to resist all pressure, no matter
how strong. to permit the use of his name
in connection with the governorship.
The family reasons have their origin in
some recent financial operations on the
part of the comptroller's younger brother,
Francis w Co,er which seriously com
promised Francis VS. standing with the
firm of W. n. Coler d Co. resulting in his
retirement from the firm in the early part
Of this month.
In direct violation of an iron-clad rule of
the firm Francis W. Golfer went into specu-
lations in securities without the knowledge
or consent of other members of the firm.
In these speculations he was unsuccessful,
and lhst considerable sums of money.
1t has been reported that these sums in
the aggregate amounted to S40O,co0. but
Col. W. n. Coler. jr.. the founder and head
of the firm. said today that this was a
cowardly exaggeration of the actual
amount. Young MIR. Colers operations,
nevertheless. had created such dissatisfac-
ton in the firm that Mr.. Coler, ST.. who
had retired from business in 1883, and was
in Europe, cut his pleasure trip short about
July and returned to the United States
to resume the management of the firm,
which he had left twelve years ago, as
he supposed, for good.
At the time of Colonel Coler's retirement
from business he distributed his interests
in the firm among his three sons-W. n.
Coler. jr., Bird S. Coler, the comptroller
and Francis W. Coler. Francis W. Co,er was
not at that time of age. He had been a
student in Germany and in France, and
afterward studied law and was admitted
to the bar in this country. 1t was arrang-
ed by his father that on coming of age
he should be admitted to the firm as his
brothers had been
Young Mr.. Coler preferred the practice
of the law. and opened an Office In Chicago,
thus leaving the two sons, ". n. Coler ard
Bird S. Coler to represent the family in the
firm. The personal affairs of w. n. Ccler,
jr.. together with those Of his mother-in-
laws estate, demanded so much attention
that he felt constrained to retire from the
firm, and did So as did Mr.. Campbell,
Colonel Coler's son-in-law. who also IVES
member of the firm through the interest OF
his wife.
This change left Bird S. Coler and Fran
els ". Coler. representing the family in the
firm. and then came Bird S Coler into
politics. Francis W. COier was thus left
alone, to all practical purposes, as the rep
resentative Of the family in the firm.
Colonel Coler said today that Francis had
never had any liking for the banking bust
ness. his tastes running entirely 10 the
legal profession. When he became a men,
Der Of the firm he not only invested money
in securities without the consent of the
other members of the firm. but he invested
rather extensively, and furthermore lost on
the Investments.
Probably 100000 would cover the
amount OF the losses. practically a trile in
comparison with the firms rezouro IS. even
had not Colonel Coler when he returned
from Europe personally assumed ard made
good all o: Francis W. Coler's indebtedness
to the firm, an Indebtedness which. in fact.
exceeded The amount lost In speculation,
for when he came into the firm and took
the interest Of his brother, ". n. Colsr. tr,
he did not advance the amount OF capital
that was due from him. and this deficiency
still remained upon the books
Coler found awaiting him on his return
from Europe about the first of the month
His FIRST act when he returned was to
assume personally and make good To the
firm every penny OF his sons indebted
ness, thus removing even the remotest
possibility of the circulation of rumors
inimical to the firms business standing
On the 9Th Of July the firm was reor-
ganized, Francis W. Coler retiring from
membership. He is going TO Seattle,
Wash, TO resume the practice of law
Then Colonel Coier took personal charge
OF things and throughout the trying sum-
mer, despite his seyenty-six years he has
been coming and going from his office with
regularity, Ike any clerk.
But old men go to pieces suddenly
sometimes, he said, laughingly. today,
"and besides l do not want to continue in
business. l had quit and l supposed. for
good. and l do not want to keep at IT COW
any longer than is necessary. That is the
reason Comptroller Coler will not corr
slider che question of the nomination for
GoyeTnc,- AS | mentioned TO you, ii is
a rule of our firm that none of its mem
bers shall engage in any outside occupa-
tion without the consent of its other men,
bers. That applies TO politics as well as
to anything else, and the firm will not
give its consent. and for that mater
neither will / give mine to Comptroller
CoIer becoming a candidate for Governor
THE Comptroller fully appreciates my
position here, and as he is a loyal son
he has no thought of going against my
wishes In the matter"