Cole was one of the early pioneers in arbitrating labor disputes, working as the "third man" in negotiations involving the New York City Subway system, the steel industry and between different unions.

Cole's son described how the fact that companies there had their looms "trucked out of town as an answer to the union" led his father to "gravitate to the middle of the table".

Philip Murray, president of the United Steelworkers and later head of the Congress of Industrial Organizations, rejected Cole for the role.

The detailed and colorful tracking of the negotiations helped Cole convince both labor and management that he was ensuring that both sides were heard.

[1] One of Cole's most-treasured objects was a signed poster from Marc Chagall, given to him by the artist after Cole helped break a stalemate in negotiations to ensure that the new Metropolitan Opera facility in Manhattan's Lincoln Center for the Performing Arts opened successfully in 1966.