The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-01
C0LER WOULD QUIT TRUST co.
SENDS HIS RESIGNATION AS HEAD
OF THE GUARDIAN.
Tired OF Keeping Up the Fight Against
the Opposing Stockholders Who Ac-
cuseti Him Of bad Financial Meth.
Ods-POlitics May Nc tho Cause.

Tired OF Keeping Up the Fight Against
the Opposing Stockholders Who Ao-
cused Him Of bad Financial Meth
Ods-POlitics May he tho Cause.
Bird 8. Coler, whose management Of the
Guardian Trust Company has been assailed
over since he became it's president last
fall, announced yesterday that he had
sent his resignation to the board OF di-
rectors.
His statement is that he could have con-
tinued in the presidency. but that in doing
80 he would have had to use other peoples
money to carry on the fight and that he
didn't care to do things In that way.
Mr.. Coler says also that he would be
glad TO be relieved Of his duties at once
and special meeting OF the directors has
been called to consider the matter. One
of Mr.. Coler's business friends said yester-
day that he really didn't know just what
the directors would do about IL.
Mr.. Coler said yesterday:
4The trust company is in first-class
financial condition. The company's state
ment will show that it is all right and has
made no bad investments. am resigning
because do not want to interfere with the
present progress, while most OF the attacks
that are made against the management
appear to be made against me.
II can fight well, but do not mean to
hurt the interests Of the stockholders by
continuing costly warfare. l had an
offer OF 500 for the stock of tho company
few weeks ago, but that was turned down. v
One of the men In the directorate Of the
company. who has always been regarded
porters similar explanation Of the reasons
leading up to Mr.. Coler's backdown.
There is absolutely no personal dissatis-
faction with Mr.. Coler," he said. but he has
stirred up such an antagonism in the COM
pany that he has considered il necessary to
get out. II he had stayed in he would have
had fight on his hands pretty much all
the time and to continue 1t 1t would have
been necessary for him to use the company's
funds. Mr.. Coler is too conscientious to
do anything Of that Sort
Mr.. Coler's opponents in the trust COM
pany published charges against him on May
20. They alleged that he came into the COM
pany with the understanding that he should
provide 81 100000 Of new capital. This
money was provided, Mr.. Coler's opponents
money in various banks and then borrowing
that amount back on the security Of the de-
posits and Of Mr.. Coler's notes.
1t is asserted that the money thus de-
posted was no longer available to the
company.
On these grounds Mr., Coler's manage
Inent was bitterly assailed, three Of the
directors in particular, Ernest c. Brown,
David Bennett King and Carroll P. Bassett,
attacking him.
Persons who know something of the
company's affairs have also pointed out
that Mr.. Coler's management was re-
sponsible for the presence Of Lewis Nixon
on the published list of directors. 1t Is
said that Mr. Nixon was coming into the
company, and actually was elected a di-
rector, but that for some reason he never
qualified or took up any of the stock
that he had been expected to take.
Somebody suggested yesterday that Mr..
Coler was getting out Of business so that
he would have time to 60 into politics this
fall. When one Of his business associates
heard of this he winked and said he guessed
not.