Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 27, 1914)
11 SERiALBONDS URGED Raisers' Association, of Oregon, will be held in room 209 of the Imperial Hotel, Portland, beginning December 7. Of ficers and members of the American National Livestock Association will de liver addresses. According to S. O. Correll, secretary of the Oregon organization, the growth of the Cattle an"d Horse Raisers' Association has surpassed the expecta tions of the organizers. From an as sociation of about 75 members a year ago it now has a membership of 200. One of the objects of the society is to protect members from cattle thieves. DOUBLE STAMPS Today With All Cash Purchases of Groceries Charge Purchases Made Today and Remainder of Month Will Go on December Account Payable Jan. 1st City Auditor to Ask Legislature , to Pass Act. Picture Framing At 14 Off Fourth Floor Bring in your holiday pictures and let us frame them to your order at one-fourth regular prices. A large selection of the newest moulding from which to choose. All Pyroliti Ivory At 14 Off Main Floor Manicure Sets, Combs, Brushes, Mirrors, Cal endars and hundreds of other, novelties for gift-sriving'. Our entire line now a f-f placed on sale at 7 Olds, Wortman & During the past year the association! has prosecuted several cattle and horse thieves and a few are now serv- ! ing terms in the penitentiary. A brard inspector has been employed to watch all cattle brought into the Portland stockyards. All stockmen of the state, whether members of the association or . not. have been invited to attend the i POSSIBLE SAVING CITED Reliable Merchandise Reliable Methods Pacific Phone Marshall 4800 Home Phone A 6231 Mr. Barbur Points Out How Port land May Find Itself in Predica ment Unless More Modern Method of Financing Tsed "Tremendous Cleurim t9 O OfwlfdMi The arrangements will enable the visiting stockmen to attend the Pacific THE -MOT?NTXC5 OTJEOONTAX, FRIDAY. XOVEfBEIl 27, 1914. King g Sales C Believing that the financial salvation of the city depends upon a revision of the system of Issuing municipal bonds. City Auditor Barbur is planning to pre sent to the State Legislature at Its next sesssion an act requiring all future bond issues of Portland and other cities of the state to be made serial in form. Unless this is done, it is said, Portland will run on until it meets a financial crash such as has been experienced from time to time In other cities. Mr. Barbur in an extensive report covering the bond question has figured that if the serial bonding system had been used in the past the city would have a debt about f4.500.0C0 less than it has and would have saved about $2,000,000 in interest. These Bavlngs, he says, could have been made on the total of $14,000,000 in bonds now out standing. The serial bond has been adopted in many Eastern states and has proven thoroughly successful. Interest 1 Paid on Whole Inane. tJnder the present system the city is sues and sells bonds expiring all at a piven date. The bonds are of 20, 25 or 20 years' duration. The interest Is paid annually or -semi-annually at the rate of 4 per cent on the entire issue. The city has to raise money to pay the interest and has to set aside a fund to provide for the redemption when the bonds fall due. The serial bond plan involves the is suance of bonds redeemable virtually on the installment plan. A certain amount of the total issue is paid each year and interest stands only on the remaining amount outstanding. The only objection raised to the plan is that the interest the first year is much great er than during succeeding years. This can be corrected, Auditor Barbur says, by distributing the payments equally over the life of the bonds. Disadvantage Is Cited. In his report City Auditor Barbur says the people of the present day are paying for many things which have been worn out by generations of the past. An example of this is the old Morrison-street bridge. In the report Mr. Barbur says the original bridge was completed in 1887 and was pur chased by the city in 1895 by money raised from bonds Issued. These bonds expire in 1925. at which time their face value will have to be paid. In the meantime interest on the total amount is paid annually. People today are paying for the bridge, in spite of the fact that it was torn down in 1904 and a new bridge built. The people who used the old bridge contributed nothing for it, be cause through negligence there was not even a sinking fund for the redemption of the bonds established prior to 1910, The people today are paying for the bridge which has gone and for the new bridge which has taken its place. There are other cases of the same kind in Portland. Some Cities In Predicaments. "Great advance has been made in the last few years in the treatment of mu nlcipal finance," reads Auditor Bar bur's report. "Municipal indebtedness in the United States has doubled in the last 10 years and has increased far more rapidly than the population of the country at large. Several large cities. of which New York Is a conspicuous example, have found themselves in the predicament of their bonds falling due and no funds on hand to redeem them. Under such conditions a city has no choice but to issue refunding bonds, which simply means that the burden of the old debt is thrust upon a future generation, which will have difficulty in paying its own debts, without being made responsible for the debts of gen erations gone. . "Virtually all municipal bonds are Issued on account of public improve ments. A sound policy of modern finance requires tlit the term or life of these bonds be made equal to the life or duration of the structure or im provement for which the issue was made. A bridge which has, for exam ple, a life of 25 years, should be con structed with funds secured by the is sue of 25-year bonds." Sinking; Fund Plan Criticised. Mr. Barbur says the plan of paying off bonded debt by means of a sinking fund has many drawbacks. In Portland he says bonds were outstanding a de cade or more before a sinking fund was established. . The city was drifting along paying .ther Lcterest on bonds, but apparently paying no attention to the redemption, which had to take place when the bond period expired. In 1910 the city awoke to the conditions and established a sinking fund. The failure of the city to establish such funds prior to that will necessitate a heavy main on the taxpayers from now on to make up what was not but should have been paid in years prior to 1910. Kegarding serial bonds Auditor Bar bur says the financial standing would be improved and the city would save a great amount annually in interest. "If an issue of serial bonds amounts to $1,000,000, for Instance," ha says, "and the bonds run for 10 years and the payment of principal is begun the first year, $100,000 will be paid off each year and the interest will be paid only on the remaining principal each year up to the time of maturity. "On a 20-year serial bond issue of '$1,000,000 on which the interest is 4 per cent, the total Interest for the 20 years would be $420,000. On the pres ent basis with a sinking fund the in terest would be $800,000. This shows a saving of $380,000 in favor of the serial issue. The bonds outstanding at present would have to be handled on the sink ing fund 'basis, it is said. The change in the form in favor of serial bonds would affect only such bonds as might be issued in the luture. It is said that the State Legislature would have power to change the bond form. If the Legislature fails or re fuses to pass such an act, it is planned to bring the proposition to the vote of the people under tlie initiative. GENERAL AGENT OF AMERI CAN EXPRESS COM PANY DIES. I - ' I I f - rf - ' i f ' y s V' .i ., i . ; .4 r 'It - I & 1 l ify s ; . . ' r " i Walter H. Carroll. Walter IT. Carroll, "general agent for the American Express Company, died at 8:30 A. M. yes terday at his home in the Wick ersham Apartments, at Eight eenth and Flanders streets. Mr. Carroll was born in Mil waukee, Wis 38 years ago. He received . his education in that city and lived there until four years ago, when he came to Port land. He had been connected with the American Express Com pany for 25 years. Mr. Carroll's death was sud den and was attributed to heart disease. The body will be sent to Milwaukee. The widow and three children survive. The children are: Elea nor, aged 11 years old; Billy, 8, and Walter, Jr., 3 years old. Mr. Carroll was a member of the Portland Commercial Club and of the Knights of Columbus. International Livestock Show, which will be held in Portland from Decem ber 7 to 12. The railroads have of fered reduced fare to stockmen visit ing Portland on those dates. "DRYS" NOT DOWNCAST LOSS OF MULTNOMAH COUNTY, HOW. EVER, IS DISAPPOINTMENT. It la Pointed Ont That Etch if Legis lators From Wet Territory Balk "It Wonld Avail Nothing. Leaders of the prohibition movement In Portland and other parts of the state are not much disturbed by the official election returns from Multnomah Coun ty, which give a "wet" majority of 95 votes in the couniy. While they are disappointed that Multnomah is not lined up with the solid "dry" counties of the state, they point to their majority of , more than 36,000 votes in Oregon at large as a sufficient Indication of the sentiment of the people. However, it Is pointed out, the "drys" would have a powerful weapon in shap ing future legislation had MultrXomah County remained in the "dry" column, where the unofficial returns placed it. The coming session of the Legislature is expected to take action to make the prchibition law effeceive. With every county in the state returning a major ity in favor of prohibition, the legis lators would be forced, almost, to give unanimous support to the prohibition programme. Before the Multnomah official count was completed Clatsop was the only county in the state in the wet column and the margin there was only 35 votes. Few members in the Clatsop and Multnomah delegations, it is believed. are inolined to take advantage of the fact that their county has voted "wet" and hold out against: the "dry" programme. However, the vote in the remainder of the state was so overwhelmingly In favor of prohibition that any efforts on the part of the local legislators against the enforcement laws would be inef fective and it is certain that represent atives of the outside counties will vote in support cf prohibition. They would hear from their constituents if - they should do otherwise. READING TC RAISE FUNDS Judge Gay' C. II. Corliss to Enter, tain for Relief of Belgians. , Judge Guy C. H. Corliss, former member of the Supreme Court of North Dakota, will give a reading from "Macbeth" at the Y. M. C. A. auditorium December 1 at 8 P. M. He will be assisted by J. W. Belcher and Stuart McCiuire. Dr. C. H. Chapman will preside. Tickets are on sale at Home Telephone Company headquarters, J. K. Gill & Co. and the Y. M. C. A. The proceeds will go to the Belgian relief fund. Stockmen to Meet Soon. The annual meeting, of the executive committee of the Cattle and Horse "Walla Walla Elections Costly. WALLA WALLA, Wash., Nov. 26. (Special.) The primary election Mon day cost $695 exclusive of the printing of the ballots. The general election two weeks hence will cost practically as much. There are 21 precincts and five officials for each precinct. Each received $6 for the 13 or 14 hours' work. This Splendid BABY GRAND 9 $395 Although new and regular price $650, can now be secured for $395 Cash or $10 monthly. Does this not show that it pays to buy NOW? New Pianos, fzi.f, -'!H, S3SR Used Pianos, 4T, S5, 9145 Player Pianos, $1(5, $3. Graves Music Co. Pioneer Mimic Store, , 151 Fourth Street. All Women's Suits, Coats, Gowns, Dresses, Waists, Skirts, Sweaters, Etc., at Greatly Reduced Prices Men's $25 Suits $18.75 Latest Winter Models Main Floor Beautifully tailored garments from celebrated makers. 150 Suits all told in this special lot we have chosen from our regular stock. Excellent quality cheviots, tweeds and novelty worsted in distictive new patterns. The styles are: Three-button English sack, conservative sack and box back; also two-button English Sack. All sizes. Standard $25.00 (PI O 7 Suits specially priced at I v Men's $25 Overcoats At $14.95 Main Floor Broken lines of Men's fine grade Chinchilla Overcoats priced - for quick clean-up. We have but a limited number of these, so come early in the day. Strictly hand-tailored garments and the materials are very best quality." Coats sell ing heretorore at $jo.uu u:i fJ c at priced very special Men's $2 and $3 Hats for 98c Men's $1.50 Shirts Now $1.19 Main Floor Odd lines of men's soft Hats in several well-known makes to be closed out at once. Made of splendid quality hair felt and nicely trimmed. All colors represented in this lot. Standard $2 and $3 0 0 Hats on sale choice Ow Main Floor The great sale of "Manchester" Shirts 6till con tinues. Many men will be here today in time to supply their needs. Made of best quality of repps and crystal cloths. All sizes. Standard jC f 1Q $1.50 Shirts now P $35 Suits at $18.98 $32.50 Dresses $13.98 Second Floors Clearing Sale ' of women's and misses' high-grade Suits of broadcloth, serge, chevi ots, poplins, etc. In latest red ingote, belted and semi-fancy models in the. season's newest ef fects, including latest military styles. Some with velvet vest ef fects. Worth up (PIO GG to $35, special "pi-O.O Second Floor Women's, misses' handsome Dresses of serges, pop lins, whipcords, crepe meteor, taf feta and figured silks. . Repre sentative collection of the smart est new models, including red ingote, postilion and tunic ef fects. Dresses worth up to $32.50. in this assort ment; choice t $13.98 $6.50 Wool Sweaters $5 Silk Petticoats Special $3.98 Second Floor Women's, misses' wool Sweaters in popular ruff neck styles with close-ribbed cuffs and knit-in pockets. These are shown in heavy or medium ribbed and in all the wanted col ors. Also in two-tone effects. The standard $6.50 fifl quality on sale for r'Jw( Second Floor Don't fail to see these splendid silk Petticoats we place on sale today. Extra good quality silk messaline, jer sey or crepe de chine. Plain or plaited flounces. Others with folds and ruffles. AU colors in the lot. Priced for QO this sale at only Men's 50c Cashmere Hose 39c Men's House Coats $5 to $15 Main Floor Men's imported Cashmere Hose in absolutely fast black dye with double heels and toes a quality which sells in the regular way at 50c the pair the world over. Complete range of all sizes. Priced spe cial, three pairs for 9Q R1. or. hv th nair. 7 J J Z ' $15.00 Main Floor Our showing of men's House Coats is most' com plete, embracing the very latest models in a variety to please every fancy. All wanted colors and beautiful new patterns. In sizes for stouts, slims, regulars. Prices range from S5 to Men's Bath Kobes in All Materials All Sizes $3.50 to $15 Special Showing of Pendleton Indian Robes in All Wanted Sizes. Sale of Men's Handkerchiefs Main Floor Pre-Holiday sale of men's Linen Handkerchiefs by box, offering substantial savings to induce early buying. Crisp new stock "in plain linen or with initial. Conveniently arranged for easy choosing. Buy Handkerchiefs by the box and save. 15c Kerchiefs, box of 6 75c 20c Kerchiefs, box of .3 50? 25c Kerchiefs, box of 6 $1.35 35c Kerchiefs, box of 6 $1.75 50c Kerchiefs, box of 6 $3.75 We Give S. & H. Stamps, Free! "Complete Stock of Bath Robes and Kimonos All Women's Furs Now Reduced TOY LAND 4th FlQ Boys Can Build the Toys That Teach - Them a Man's Work. MECCANO Is the greatest fun in the world. You can make real working models of fly ing machines, bridges, Ferris wheels that actually go round. And then use the same brass and nickeled-steel beams, bolts and wheels to build a hundred other delightful plaj'things. Meccano Sets $1 U p Spit Girls' $10 Woolen Dresses $4.98 Girls' Woolen Dresses Special $2.19 Department, Second Floor Clearing Sale of Girls' Woolen Dresses now is the time to supply the children's needs! Plain serges and pretty plaids, trimmed with pipings, but tons, etc. Two-piece and Buster styles in ages 6 to 14. Dresses worth up Z? Qi3 to $10.00 on sale now at only Department, Second Floor These attractive little Dresses are made of splendid quality wool serge and are nicely trimmed with pip ings, plaids and novelty buttons. Shown in colors, cardinal, navy and brown. They come in ages 2 to 6 years. Priced 2?5? T Q very special now at low price ' Girls' $15New Winter Coats Special $9.98 Girls' Smart School Coats Special $4.98 Second Floor Special line of girls' Coats nn derpriced for the Clearing Sale. Cape styles and Balmacaans in solid colors and mixtures. Ages 8, to 14. Coats worth to Q QO $15. Priced for Clearance at PZSSJ Second Floor Girls' warm Winter Coats of dark serviceable mixtures, plain zibelines and wool Bedfords. Splendid Coats for school wear in a variety of styles. In &S Q Q ages 8 to 14. Clearing Price at vO 34.75 Wool Middies At $1.98 Second Floor Girls' serge Middies in white or navy with self or contrasting trimmings. Worth up to T Q Si $4.75; priced for this sale V ' toys' 2 -Pant Norfolk Suits $4.95 Clearing Sale of Boys' Hats at Off Department, Main Floor Our famous "OWK Special" Boys' Norfolk Suits, with two pairs of pants, are unequaled in Portland at the price. Made of choice woolen, materials. Pants full lined with double-taped seams. Coats'have stitched-down belts. CJl O EZ All sizes priced special now at only v'"' Boys' $5 Ruff Neck Sweaters, Sizes Department, Main Floor Closing out all odd lines of Boys' and Children's Hats, ranging in price from $1.50 to $6, at a flat reduction of 25 per cent. Nearly all sizes in the assortment.' Velvets, velours, plushes and corduroys in popular eolors and latest tf'f'f st yies. Your choice while they last at ' ' 28 to 34, Special Today Only $4.45 Dress Goods Sale! $1.25 to $2 Fabrics Now 89c Yard $2.50 to $3 Fabrics Now $1.89 Yard Department, Main Floor Special lines of seasonable Dress Ma terials taken from our regular stock and radically reduced for quick disposal. Plain and fancy weaves, plaids, Roman stripes, etc., in desirable shades for suits, coats, dresses, etc. Conveniently ar ranged on four large tables. Note - the following- low prices: Lot 1 Standard $1.25 to $1.75 Dress Fabrics, the yard, SO? Lot 2 Standard $1.75 to $2.00 Dress Fabrics, the yard, $ 1.29 Lot 3 Standard $2.00 to $2.50 Dress Fabrics, the yard, S1.4S Lot 4 Standard $2.50 to $3.00 Dress Fabrics, the yard, $1.89 Lot 5 56-inch Wool Coatings, standard $2.50 grade, yard, $1.50 New Plush Coggings, plain and fancy, the yard, $5 to $125 See ''Special Display in the Windows. Red Cross Workers Attention! We have just received an official copy of Directions for Knitting and Crocheting Articles for Soldiers and Sailors (same being indorsed by all leading relief associations.) Special attention will be given to classes in this work from 10 A. M. to 12 daily, except Saturday, in Art Department, on Second Floor. Regular Classes From 1 to 5 Daily Children's Classes 9:30 to 12 Every Saturday Expert Instruction Japanese Centerpieces Vz Price Second Floor Exquisite designs in beautiful Japanese hand-embroidered Center Pieces hand some for gift-giving. Half Price. 60c Center Pieces now for 25 $1.00 Center Pieces for 50i $2.50 Center Pieces for $1.25 $3.25 Center Pieces for $1.63 $7.50 Center Pieces for $3.75 New Gossard Corsets At $3.50 Three Stylish Models Just Received Model AB Moderately low bust, with comfortable fullness over diaphragm, flexible clasps, ex tremely flat hip. Sizes 19 to 34. Three sets of hose supporters and long, close-fitting 6kirt $3.50 Model AC This" model is well adapted to many types of fig ures. Low bust, back and hip lines straight. Two elastic sec tions at back and bottom. Close fitting skirt. Sizes from 20 to 30. Model AC priced at $3.50 Model AL Excellent model for very short, stout figures. Low at top, with fullness at bust and back. Straight hip lines. In sizes 20 to 32. Price $3.50. Other Models $2 to $25 Friday Specials in Domestic Aisle 20c Pillow Cases 15c 45x36 inch Bleached Pillow Cases famous "Wearlong" make. Extra heavy grade and fine, soft finish. Stand ard 20c Pillow Cases on special sale Fri- M day at only, each Huck Towels, $1 Dozen Large size Huck Towels very desirable for hotel and rooming-house use. Plain white or with neat colored borders. Soft and ab sorbent. The C7 nn dozen, only Large Spreads $2.25 Extra good quality white cro cheted Bedspreads in beau tiful patterns and splendid heavy weight. Full bed size and extraordinary val ues. Special C? O O today, only- Cut Glass Reduced Buy Now for Gifts! Department, Third Floor Our entire line of Cut Glass included in this Great Pre-Holiday Sale. Why not make your selections today and let us de liver them later .if desired f Thousands of beautiful pieces to choose from Bon Bons, Trays. Water Sets, Nappies, Nut Bowls, Mayonnaise, Fruit and Salad Bowls, Glasses, Decanters, Goblets, Vases, Jewel Boxes, etc., etc. All on sale now at 20 per cent off. SPECIAL SALE IN" PROGRESS Pre-Holiday Sale of Wm. Rogers' Silverware, 3d Fl. French. English, German Dinnerware at sale prices Bargains in Electric Portables and Art Brasses Pre-Holiday Sale of Mantel Clocks Buy Now 4Qc OWK Coffee At 29c Fourth Floor Coffee will not be delivered except with other purchases made in the grocery department. 40o OWKOQp Coffee, special, pound 50c OWK Teas At 39c Fourth Floor Choice of un colored Japan or Ceylon. Our own importation. Standard 50c Teas. Special today OQ at, the pound, only'-''' Women's $1.50Felt Siesta Slippers 79c Women's $1 Crocheted Slippers 48c Bargain Circle, First Floor 1000 pairs women's Siesta Slippers at about half price for Friday's selling. Made of good heavy quality felt with over-lap tops or trimmed with pompons. All the wanted colors. $1.50 bhppers, ryQir Bargain Circle, First Floor We will sell hundreds of pairs of these tomor row at this price. Shown in wanted colors. Styled with roll-top and soft, flexible sole. An inexpensive and al ways acceptable gift. Stand-? ard $1.00 Slippers,- the pair-,'L' the pair now at low price of Women's $4.5Q and $5 Shoes $2.95 Boys' Logger Shoes $2.98 and $3.48 Main Floor Continuation of the great Main Floor Boys' Logger Shoes sale of Women's $4.50 and $5.00 Foot- .wear-proof for little fellows, $3.98 wear. All styles. Special, pair, $2.951 a pair; for big brother, pair, $3.48 v. . l nun is Si3 "Reliable" Gas Heaters $2.98 Third Floor With one of these RELIABLE "HOT SPOTS" Cop per Reflector Gas Heaters you can heat up a bathroom, living-room or sitting-room or make a damp, chilly bedroom warm and cozy in "a few minutes. Made exactly like above illustration. Note the handsome but durable lines. Will last a lifetime. Priced spe- QQ cial today, only P&.'O Hoi Point Irons $3 and $3.50 Save Time, Trouble, Expense.