The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-09-23
Sue C0LER FOR $4,000 ODD.
THREE GUARDIAN TRUST STOCK
HOLDERS PLAINTIFFS.
He Says It's Meant to Hurt His Political
Prospects Says That He
Ought TO Give Back His salary
and Pay what His Management Cost.

Prospects COmpIaint Says That He
OuEht 10 Give Back His salary
and Pay what His Management Cost.
Bird 8. Coler's doings in the Guardian
Trust Company, heretofore described many
times by objecting stockholders, have now
been made the subject Of an action begun
yesterday in the United States Circuit
Court here against Mr. Coler and fellow
directors and the company to recover
for the benefit Of the company moneys
alleged to have been lost by bad manage
ment. The plaintiffs are Levi E. Waller.
Bradley W. Lewis and George D. Roper,
stockholders. and they invite others to
come in. They relate how Mr.. Coler was
made president on a proposition that he
and his friends would double the capital
and surplus of the company and that Mr..
Colers influence would attract business.
It il alleged that Mr.. Colers method OF
obtaining the requisite cash by thing up
the funds Of the company at per cent.
in banks that lent him the money on the
new securities caused the company a loss
Of $4,000, which it could have made by
lending it's money on call. Finally Coler
waa made to resign the presidency, and the
capital and surplus were reduced again to
their original amount, after the company
had suffered great injury.
Prior to his election, the complaint says,
Mr.. Coler had been interested in various
political matters, but upon his election to
the presidency of the company he had
promised not to devote any time to polti-
cal matters or run for any office. But
nevertheless, it is alleged he never rem,
dercd the company any service and devoted
l, IL, To NIL h.
tiers and grossly neglected the business Of
the company" The compliments ask that
Mr. Coler pay back the money the company
lost through his methods Of doing business
and that he return what he received as
president. Mr.. Coler said last night that
his attorney would move for the dismissal
OF the complaint, which was an amended
complaint, the original having been filed
two months ago.
SITS all done for political purposes and
to injure me, he said. ~My associates and
myself have a standing offer to the men
named as plaintiffs in this action to buy
all the stock they own in the Guardian
Trust Company at 500 share. We also
offer to sell our holdings to them at the
same price. Mr. Brown, who was formerly
vice-president OF the company told me that
he intends to do NE politically and that he
and other men with him would drive me
out Of politics. I am credbly informed
that the stock in the company held by these
men cannot be bought to-day for $1,000 a
share. One thing is certain: There are
other and bigger men behind these men
who figure az plaintiffs. hardly feel like
dignifying this matter with denial. Simply
look at the names of the gentlemen asso-
ciated with me and compare their reputa-
tior and commercial standing with the men
on the other side.
1.-THE Guardian Trust Company is to-day
in the cleanest, strongest and best condi-
ton possible, and could easily pay all Of its
indebtedness and pay each OF the share
holders 500 per share for his holdings =,
When asked who he thought were behind
the plaintiffs, Mr.. Coler declined to mention
names, but he intimated that these men
thought he was about to become candi-.
date for some office and that publicity Of
the charges just now would inJure his
prospects. The stock Of the Guardian
Trust Company is now quoted at SITS. The
case probably will not be decided for several
weeks