New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-21
TRYING TO GUST COLER.
TWO ASK FOR PROXIES.
Other Directors of Guardian Trust
Com pang Support the President.

T. hoe for some time been common knowledge in
Wall Street that there were two parties in the
hoard of directors of the Guardian Trust COM
pany a small minority opposing the continuance
of Bird s. Coer in the presidency. The leaders Oh
the ornosition TO Mr.. Coler are Ernest u Brow"
and David Bennett King respectively second VICE
president and general counsel OF the company. II
became known yesterday that requests mad oeeh
recently sent to the general body of the stock
holders asking them for proxies in the names Oh
Messrs. King and Brown and Carron +. basse'''
who should have power to controi them Ii any
vote which might be taken as to policy at STOCK
holders meeting to be called at an early oate' -
circular letter signed by five directors In reply 10
this appeal was sent yesterday TO the stochhoio-
ers declaring that ''the insinuations ana hlpii0A
tions in tho letter referred to CMr Browns are
uniustfdabie" and that the imaginary wrongs
alluded 10 In the proposed proxy have been con-
sidered and dismissed as baseless by the board
and urging stockholders not to give Mr.. Brown anu
his associates proxies in any form
The circular closes follows:
II env stakeholder desires detailed information as
70 the motives which inspired the letter Telel.eu
to- and full exhibition of the AFFAIRS OF fie Of
the company, and also inspect Its assets anu Iec0
# was learned also yesterday that suit had re-
Gently been brought jointly by EmanueI ElllnseI Vi
this city and William H. Walker, of Graphite Ivy
Canada holders of small amount of the GUARDIAN
Trust Company's stock against the company ana
;+s officers the complaint in this action alleging
mismanagement on the part Of President Coler' Inc
hoard of directors has retained ex-Attorney Ten
eral John W. Griggs as its attorney IN 'ho III
linger-Walker suit it was said YESTERDAY 49,
David Bennett King. the general counsel Oh INC
coronanv declined to discuss any phase OF the con-
troversy. PRESIDENT Golfer said;
THE Guardian Trust Company occupies r the 0gSe
panes fRat Is a ON nave been thrashed out
two or three times by the board OF drec'ol''
Ludwig Nissen, who is member of the board, IN
aaIrtne of the effort making to depose Mr.. Coler,
said:
This is purely fight on the part ART Of me ME-
Brown and Mr. King against MN MIR 5v have never
had of the thirty directors more than {nPs s
shows pretty well how the board STANDS.
The attitude of the board is also well indicated
by the following resolution, adopted by vote OF
Ii to g. after Mr. Brown had introduced resolution
denunciatory of the Coler management:
Resolved That the board deprecates the Language
scandalous and untrue and as tending to INJURIOUS
ly affect the administration of the company; ana
Resolved That the board. after full discussion
believes that the interests of the company nave
and that the gentlemen whom it has been sought to
criticise are entitled to the warm .hahhs Oh Gts
behalf behalf -O' ''''' N''1
Ross Appleton William 4 barber, Bird s. co sS
George E. Green, r. w. Jones Jr EDGAR L sTf'
Thomas NJ Mulry, Ludwig Nissen. f. H Rountree
Nathan Seeley Leopold Stern, samuel H. SH 4io
We're cast by Messrs- Brown. King and + Allows;
izers of the guardian trust Company and accord
ing the original programme it was salo yeSt s
their services as vice-presdent and general counsel
respectively. while the president was TO- get sS' ~
This programme did not meet the views OF the
majority of the board. and the salary plan was was
friends has never received dollar of salary, al
though. it is asserted an examination OF the com
strumentaI IN bringing 10 the company a majority
OF rhs s cany at fG the outset had capital and
surplus of equal amount. Mr.. Coler. when he
crease the capital stock and surplus to sl,000Oe0
each The additional s1000oO0 was raised put, u
was said Yesterday one of the important interests
subscribing for the increased amount nnamelee
Food hs large s subscrpon and perhaps mainly for
that the capitalization was rev wt eis
ago reduced its original proportons-s5ooVo STOCK
and s50OOO0 surplus 1t said yesterday that the
allegations of misma relate to MI ooiep Ell,
alleged depositing Of stock in various banks as coz
lateral representing in part the Increases
dete statement Gould be obtained upon this point
from the majority interests. friend Of the presl-
All that Mr. Coer has done has been under the
advice Of Hotchkiss d Barber DeiahceE iSi'o'i
Mr.. Brown said last night that he had seen the
Elinger-Walker complaint but had read 1t over
only hastily, and knew little or nothing ABOUT IL.
He added that he and Mr.. King were opposing
Mr. Coler in behalf of the stockholders at large,
whose interests had been prejudiced on sep
TENDER Is, 1902, the time when the suoscrlp-
tons upon the stock, which had been al
lotted to Mr. Coler, were paid, Mr.. Brown de-
clared there were deposited in the following In
situations (all Morse banks'') sums as follows:
National Broadway Bank. S10O0OO: National
Bank of North America, 100000; Gansevodt
Bank $50. 900; Garfield National Bank. 100000;
New-Amsterdam National Bank, S200,OO0; Sew
enth National Bank $4,000. and Twelfth Ward
Bank S50,000-a total of SEI9,000. On Decem-
Der 81 Mr. Brown continued. certain loans which
Mr.. Coler had obtained with those banks were
called and on that date all these amounts ok
cept SOB 600 in the National Bank of North
America were transferred and paid. and the
sum of $500 600 deposited with the Con-
solidated National Bank. this amount being in
creased few days later by 100000; and $40O,-
600 also was deposited December pa III the
National Shoe and Leather Bank Writing to
Mr. Coer on March ), 1898, Mr. Brown said:
Il am informed that such sums remained on
deposit in these banks. and are and have been
unavailable for in the business of this cor
poration. I am further informed that they
So rendered unavailable because of the fact that
there is an express implied agreement that
they shall remain pending the settlement of
certain loans negotiated by you"
MIR. Brown also says that Mr.. Coer. by verbal
agreement, placed his resignation at the dis
posal of z. G. Brown, Z. H. FalloWS and f: w.
Jones, jr. or any two of them but declined to
resign upon the demand of Messrs Brown and
Fallows made April 30.
COTTON MARKET EXCITED.