The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-11-29
Prepares for Retirement From tie
Pacific Coast Company.
AFTER EIGHT YEARS SERVICE.
1xesfdent Farrell VIII Assume Dual
Dates Of President and General
Managerial Remarkably Hand
some Showing for Mr.. smith, Cow
Continue te Gull Seattle Home.

General Manager c. J. Smith. Of the Pa
Cific Coast Company. has resigned his po-
eltion and purposes devoting his time to
his private affairs soon as President j.
u. Farrell. OF the company. can master the
Intricate details OF the duties Of general
manager which Mr. Farrell will assume
In addition 20 his duties AZ president.
There have been rumors about the city
to the effect that Mr.. Smith intended sever
ing hts connection with the company as
soon as possible bat the rInsors could not
be traced to any re.iabie foundation esre-
cially in the face OF the fact that ths d.
Tecfors al Their recent meeting In New
York mad declared that no change would
be made in Mr.. Smiths position There
We're those familiar with the affairs Of the
company who. on learning Of Dir. FarrelPs
election to the presidency. prophessed that
Mr. Smith. after. building up the properly
to It's present level Of prosperity, would
never consent to be reIegated TO second
place after SO many years In undisputed
charge OF the property. Others. again
Claiming to be equally az wise prophets,
said that the property under Ar. Smiths
aEanipulations nas grown TO such magni-
fude that a general manager would prove
necessity, and that there would be work
enough for both president and general
manager, especially as il was the intention
OF the company to make Seattle the head
quarters OF the company The fact now
remains that MIR. Smith has handed In bis
resignation. to take effect at once, and that
hereafter Mr.. Farrell will be both presi-
dent and general manager.
Everything points TO the best Of feeling
and complete harmony between Mr. Smith
md Mr.. Farrell. ard the latter In an inter-
view yesterday expressed his regrets AT
Mr. Smiths resignation. which. he said
would prove a serious loss TO him, and
gracefully acknowledged Mr.. Smiths kind
ness hi volunteering 10 remain until Mr..
Farrell should have become familiar with
the many diversified interests that make
Up the property OF the company.
Mr. Smith. when seen yesterday relative
10 the many rumors afioat said:
YES; II IL true. | have virtually ceased
my connection with the Pacific Coast Com
pany. but will b. around here for possibly
q month or six weeks, SO that / can afford
the necessary information 70 Mr.. Farrell in
assuming the duties which / have hereto
fore exercised.
No; / have not perfected my personal
plans for the future. as / have been TOO
busy with the affairs OF the company 10 do
30. but l will continue 10 make my resi-
denee In Seattle. and probably engage in
t.nue living here.
II am pleased TO say that my relations
with Dir. Farrell have been Of very
pleasant nature and trust that the pub
lie will give him the same kindly consider
alton that I enjoyed in the past"
President Farrell. when seen later. con-
frmed the report OF MIR. Smiths retire
nent from tire company, and said that Mr.
Smiths position would not be filed, but
that he himself would assume the dual
duties soon as. with the kindly offered
assistance of Mr.. Smith he had familiar
dzed himself with the details of the vast
property III his charge.
II am very sorry to lose the support OF
Mr.. Smith, continued Mr.. Farrell ''for
his Intimate knowledge or the details of
the property, together with his wide bust
ness experience, have made him elmos. in
valuable 10 the best interests OF this COM
pany. He leaves OF his own voiition. feel
Ing that hts personal interests win in the
future command ali OF his time. I feel
grateful to him for having consented to
give ns the time necessary 10 visit thu
property OF the company in California, Or
egon ard other districts as II viii enable
me to acquire an Intelligent knowledge OF
the affairs OF the company placed In my
charge"
Mr. Smith came TO Seattle to assume
charge OF the oregon Improvement Com
pany as general manager I'm September
1880. Al that time the property had float
ing debt of about s., Doa o0o and In Novem-
Der 1890, II passed into the hands Of a
receiver. namely, Joseph Simon. Of Port
hand, under whose receivershtp Mr.. Smith
continued as general manager. The prop-
erty was in the hands os receiver TOR
ONLY about three months. and arrange
mems at that time having been made to
Fund a portion Of the floating debt, the
balance was paid III from the funds OF the
receiver and the property returned To The
hands Of the Oregon Improvement Com
pans under the presidency 81 W. II. star
buck. The sale Of the bonds ~ The com-
pany h. pay this foatsng debt was ut a
very low price, ana added ahou, sgta GIG per
annum TO the fixed charges Of the Gem
pany.
The total fixed charges cf tha company
from February, lsai. were about t65a fss0 per
annuu. ana this amount was earned and
paid ard the property nursed along aud
improved physically sor Il period Of fhree
and "a hasf years 81 wh3ch time owing -
the effects 81 the panic az lN9G ana the heavy
salllug off IN business. ac~hmGa atei by *
aessiye competition. the company was TN
ahe 70 earn It's fixed charges and passed