The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1905-09-28
PASTORS COLONY PLAN
Details of Methodist's Co-opera-
tive Community Scheme.
SEEKS S5o,oOo,0OO IN WALL STREET

Ore, Meets With Some Success I'm
New York's Financial District-He
Plans "PrOmised Land" I'm the
Heart of the Willamette Valley.
Wall street is interested in the
scheme of Methodist minister from
the west to float $CO,O00,000 in bonds
for the establishment of a great reli-
gious community in Oregon to be called
the Cooperative Christian federation.
says the New York Herald.
Arriving in New York from Port
land, Ore, several months ago, the
Rev. 81. 8. Wallace made the rounds
of the financial district, explaining the
details of the enterprise with SUCH
success that the Title Guarantee and
Trust Company Of New York has con-
scented to become trustee for the 500
100000 mortgage if Mr. Wallace can
interest sufficient number of wealthy
subscribers to purchase the site for the
settlement in Oregon.
It is proposed to locate the communi-
" in the heart of the Willamette val
ley, which, according to the prospec-
tus of Mr. Wallace. has never been in
vaded by chinch bugs or grasshoppers,
where roses bloom every month in tho
year and where in January the grass
is as green as it is in June in the east
ern states.
In speaking of the religious aspect Of
the Cooperative Christian federation
Mr.. Wallace said:
1.-THE federation is not the church or
church, nor does it claim to speak by
the authority of any church. 1t is ali
effort to answer the charge made that
the church has no salvation or benefits
for the life that now is; that she is in
an alliance with the rich and offers
nothing to the laborer and the poor.
'It Is an organized effort to amelio-
rate present conditions by helping each
person to help himself. dividing oppor
tunities. but not property Our main
Effort is SO to readjust the relations of
capitalist and labor as to destroy the
sntagonism now existing by bringing
these two forces together in Christian
co-opera ton.
"Inasmuch as stocks are negotiable
and as stockholders are enabled to ask
courts to appoint receivers and as in
subordinate incorrigible and vicious
characters are encouraged to harass
organizations with lawsuits, no stock
will be issued
''The only safe plan is to raise the
money necessary by selling bonds pro-
tected collaterally by property of the
federation"
In the statement which he submitted
to banking institutions in New York
Mr.. Wallace has thus provided for the
$50,000,000 bond issue:
Railways. 1.cN miles .............s3 $50. 600 600
homes, IOVOJ .....-.................. S,000O0O
Lands, 100000 acres .............. 5000 OCO
Total ..................... $50, 600 900
It is proposed to have 100000 acres
Of wheat lands, 100000 acres of alfal-
ia and 10000 acres Of sugar beets. In
addition there will be orchards, graz
ing and timber lands. The 10000 mod
ern electric lighted cottages and dwell
fngs will have each from five to ten
rooms. They will be sold to members
at the rate of $3.50 a room month for
eighty months.
According to his calculations, the net
profits per annum will be $14,O77 500.
Mr.. Wallace submitted his plan to
Morris K. Jesup and many other prom
tnent men. He says it has the unqual-
lied approval Of DR.. ]. M. Buckley and
Or. Josiah Strong.
e. o. Stanley, vice president Of the
Title Guarantee and Trust compan.,,
said that Mr. Wallace had asked tho
trust company to become trustee fc~
the mortgage and that conditional
arrangement had been made to do &c.
provided Mr.. Wallace raised sufficient
capital for the enterprise.