New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-07-01
BIRD S. C0LER RESIGNS.
OUT OF GUARDIAN TRUST.
Says He Did Not Want to Fight at
ErpenSe of Others.

Bird s Coler, who has been president Of the
Guardian Trust Company since its organization
last fall, has resigned the office, and his resig-
nation will be acted upon by the directors at
special meeting called for to-day. 1t is under
stood that Mr.. Colers retirement is conse-
quence of the determined warfare waged against
him during the last few months by a small
party in the board of directors. headed by Err
nest C. Brown and David Bennett King, who
until recently, were. respectively second vice
president and general counsel of the company,
who have criticised searchingy and bit
terly Mr.. Coler's policy and acts since he has
been at the head Of the institution.
In confirming the report of his resignation
Mr.. Coler said yesterday:
am retiring because Of the fight in the company.
making this fight with other peoples money as
The trust company is in first class financial
condition The company statement will show that
resign a. because do not want to interfere with the
present progress as most of the attacks appear 70
not 70 hurt the Interests Of the st6Ska9lde5ss
On for the sfocI Of The company few weeks ago.
But that was turned down
David Bennett King one of the directors. who.
with Z. c. Brown and Carroll P. Bassett, re-
Gently made an unsuccessful effort to force Mr..
Coler out Of the presidency of the company, was
seen yesterday. ahd SAID that De and his two rs
sociates did not propose to do any talking at
this time Ernest C. Brown took the same atti-
tude and Mr. Bassett could not be seen.
The dissensions in the company referred TO
are said to be only part of the reasons for Mr..
Coers retirement. 1t is said moreover, that
not only the opponents in the board who made
the fight last month but others have appeared.
Mr.. Colers friends declare that one of the prin-
cipaI reasons for his withdrawal is that oppos-
ton to him has been shown in unexpected quar-
ters because of his political affiliations in the
last two or three years His support of Bryan
and the coal plank of the Democratic platform
are alleged to have annoyed some interests in
the company
From quarters unfavorable to Mr.. Coler. 1t
was denied that politics was concerned. and
strongly affirmed that his resignation amounted
to his being forced out against his will.
1t has been suggested that Mr.. Coler is getting
ready to stand as the Mclaughlin candidate
for Mayor at the fall election.
The TACT that a movement was under way to
GUST Mr. Coler from the presidency of the COM
panv first became publicly known about six
weeks ago. when it was learned that requests
had been sent to the stockholders. asking them
for proxies in the name of Messrs. Brown and
King and Carroll P Bassett, who should have
power to control such proxies in any vote which
might be taken as to policy at a stockholders
cular letter signed by five directors, in reply to
this appeal was PROMPTLY sent to the stock
holders declaring that the insinuation and i'm
plications in the letter referred to (Which was
signed by Mr.. Brown and accompanied the re-
quest Of, himself and his associates for proxies)
are unjustiiable" and that the imaginary
wrongs alluded to in the proposed proxy have
been considered and dismissed as base!ess by
the board" The principal allegation against
NJ Cole in rd tO m
he had financed the increase of the capital stock
and surplus of the trust company from S50O000
each TO 81 0O00 600 each In a statement made
on May 20 Mr.. Brown summarized follows
his reasons for seeking the retirement of Mr..
Coler from the presidency:
When Mr., Coer entered the, company it was
stipulated that he and his friends were 10 provide
81 900 OOO OF new capital This was 10 be turned
September Is there was deposited in seven banks
including the National Bank of North America.
sterdam another $4,000. the Ciansevoort Garfield
and other Morse banks $1,000 IN al Of the trust
TIED to me later, Mr. Coler secured "A loan of the
pany stock and his personal notes and the stipu-
lated S1.OO0co0 turned over TO the trust com
p1DS Un December q Mr coler formed a syndicate,
HG5VS IudWis Nissen George 2 Green and orhsrs to
take over this Sl,C00g5 of stock
on December a the trust conpany's money
ali Withdrawn from the Morse banks where it
s4 a1 o was put in the Shoe and Leather Bank and
SiuO the Consolidated Bank. from which two
hanks the syndicate then borrowed money it's
syndicate agreement ami OtnCr security ana took
m the 81 coo 600 OF stock. which stock then also
deposited with these TWO banks as security.
was informed that these moneys deposit
were unavailable TO the company, ana on March .
Iast | wrote To NJ. C1ler, demanding that meet
ing bc called on the 1uth to divorce the trust COM
nanys moneys the syndicatcs operations. /
At a meeting March II with X w Jones and
l. n Fallows 1 put committee TO
Lring about the reduction of the capital stock as
/ he only means effeCtinE our emu.
Al this me citing Mr.. Coler promised To resign II /
v,c nf INC committee requested ~ part OF the
rcor.,a nization plan. Ny committee Of three re- /
: ,yted that SsC6 600 the company money was I
nTactfcaliv unavailable owing 70 personal transac- .
lions oi Mr. Coler with the depository banks; II /
onnea ring that II these deposits really with
drawn "A precipitation Of the company's stock on /
the market would follow.
we recommended that the capital be reduced % /
$500 OOO and the surplus 20 S9N- ana notlned tne
5irecors that Mr. Coler had promised To resign II
I'VE asked Mr.. Jones refused to sign this report
rte C9uital stock was reduced but Mr. Coler did Z
not resign when Mr. Fallows and ! requested him [
to do so.
r,0Irr, TT, CL- NECVS