East Oregonian : E.O. (Pendleton, OR) 1888-current, 1905-06-27

Portland, Ore, June 27.-OregOm As
to be the home of the greatest expeT'i-
ment in cooperation that has eve
been tried in the world. II viii !je
backed by the moral influence of The
American Institute of Social Service
and by the financial power OF two of
the great trusi companies OF this cgun-
try,
AT a BUSINESS meeting of its pro-
moters last evening in Portland final
action was taken Incorporating an or
ganization that is TO build a model city
In the upper Willamette valley, es-
tablish and operate factories, acquire
and develop a large tract of land in
Central Oregon, build railroads, iEnd
found an empire that will. II is said,
be a step nearer the industrial and
social millennium than any undertak-
ing has ever reached before. The en-
terprise is known as the Cooperative
Christian Federation. and its capital
stock will I've $5G,000,00O.
The head of the movement, Rev. H.
s. Wallace, returned a few days ago
from New York where he completed
arrangements for financing the enter
prise. Articles nf Incorporation will
be filed at Salem tomorrow
The project is financed by two of
the largest trust companies in Ameri-
ca-the Title Guarantee & Trust cont
pany of New Tork, with assets OF 232.-
600, 600, and the Trust Company of
America. assets $6S.O0O,00o. One viii!
guarantee the principal and the other
will guarantee the interest OF the
bonds Officers Of these trust com
panies, together with some of The best
known financiers in Oregon. viii be
on the board of directors.
IL is said the project has been ac-
,cepted as the soundest financial plan
ever proposed for a similar undertake
ing. The list of incorporates IN
cludes 4. w. Langdon, president First
National bank OF Albany: Samuel
'ConneIl, president Northwestern Door
company; \. w Blagen, Bucoda
Lumber company; ]. Frank Watson.
presideni Merchants National bank:
L. o. Ralston, president Oregon Saw
ings banaS; Harry l. Corbett. First
National bank: C.E s. Wood. Wai1i t,
Nash ana II. $. Wallace.
II lis aseertained hom New York
that the names of these men were pre-
sentAd TO the New York trust COM
panios and have been accepted by
them as a board to organize the trust
company In Oregon which viii have
management and control of tine fed
.eratioHs industrial features. To this
list WA be added a to9al number of
50, amOnE them many of the leading
financiers and business men of the
country.
No Tcjbacco and No IIaoXicants.
The constitution provides that the
president shall serve duriTg his nat
ural life or during the time he re-
mains member of the federation,
and that the first president shall be
II. s. Wallace.
A spiritual department shall for
ever be maintained. managed by or
dained ministers. and shall receive in
perpeutity one-tenth of all earnings
and products Of the federation. The
use of intoxicants is prohibited, ex-
cepting q reasonable amount may be
kept on hand by federation drug
SlOTtS lOI pui BOSNSs
No tobacco shall be used on feder-
alton property, nor on the public
streets, nor in parks pleasure
grounds, hotels or public gatherings.
On the death of a president his sue
cessor shall be elected by a majority
vote of the ordained ministers who
are members of the federation, ana
shall serve during his natural life or
capacity to act. There will be a vice.
president. who will act in absence of
the president, and during the interval
between his death and election of his
successor
The laws will be interpreted by a
permanent board of arbitration, com
posed Of three persons, appointed by
the board of directors. Any disput-
ant who shall not be satisfied with the