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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 23, 1938)
PAGE FOUR MEDFORD MATL TRIBUNE. MEDFORD. OREGON. THURSDAY, JUNE 23, 1938. OLD WATER LINE BONDS TO BE PAID IN FULUULY 1 Commission Will Liquidate Obsolete System's Cost With $196,000 Payment Inherited Debts Met On Jul; 1 the Medford water com mission, with payment of S188.000 wlU retire the final block of bonda of the old Flab Lake water ayatem. The payment will bring the total ajnount of water bonda retired tbla year to M19.000, aa 33,0O0 of Med ford water bonda uaued on tne new Big Butte Springe line were paid In tn the paat few montha. At the time the water oonunlaalon u organised by charter amendment on January 16, 1923, the membera found that they had on their handa the bonded Indebtedneaa of two od- aolete water ayatema and two laauee of bonda that were uaed In distribut ing ayatem Improvement!.. The va rious bonds amounted to $385,000, on which only 110,000 had been paid during a period of 88 years, leaving balance of (373,000. The oldest bonda which the water board Inherited were lasued In 1890 for the original water system and mounted to S30.000. These bonds were refunded twice once In 1900 and again In 1010. They still re mained unpaid at the Inception of the water commission In 1933, a pe riod of 88 yeara. During the follow ing seven years the water board built a, sinking fund and retired this bond In 1980. Built In 1890 The original water ayatem for which these bonda were Issued was built In 1800 and consisted of an open ditch about three miles long delivering water from Bear creek to well In the city, from which It was pumped Into two wooden tanks located in the city park. These tanks were located 'on the present site of the public library. The second obsolete and unpaid for ystem that the old water commis sion had acquired waa the old Plsb Lake aystem. This was constructed In 1908 and consisted of 31.9 miles of IG-lnch wood stovepipe that di verted the water from the north fork of Little Butte creek to Medford, the Intake being 11 miles below Fish lake. Bonda amounting to 1393,000 were Issued to Install this pipeline sys tem. The water board retired the first block of these bonds on July 1. 1938, with payment of 84.000: S. 000 waa paid In 1934, 87,000 In 1039 and, beginning In 1930, 810,000 has been paid each year therealter. In addition, a sinking fund was built up to amortize the final block of 190,000, due July l, 1038. Smaller Issues Paid In addition to the above-mentioned bonda, two smaller Issues of 839,000 ini 834.000 respectively were made In 1908 for distributing system Im provements. These have been paid off since the existence of the water commission, eiceptlng 818,000 which bad been paid In 1931 and 1933. All scheduled payments on the new Big Butte Springs system, whloh was put In operation on July 1, 1937, nave been met aa they have become due, a total of 8109.000 having been paid on the 1936.000 Issue. The sum of all bonded paymenta made by the water commission since Its organisation la 8631,000, thla to tal having been paid over a period of 16 Vi yeara. In the 83-year pe riod prior to that only 815,000 was paid. Well Maintained tn ..MiHon to the bond paymenta. Intereat paymenta amounting to 8713.509.00 have been met In the period from January 1, 1928, to June 1, 1938. Furthermore, the whola aya tem has been maintained In an ex cellent state of repslr, records show Necessary Improvements nave wru nmimmnwi nH made when the re quired funds have been accumulated A balance 01 awoo,uuu m uu, lna bonds remains on the new Big Butte Springs system. One Issue ol the bonds becomes callable on Jan uary 1, 1943, and the water commis- ., lm unW bulldlnt UD S Sinking fund to retire ss many of them a possible on that aste. The water commission is particu larly proud of the profit that has been made In Investing the fundt of the water bonding alnklng fund As this fund was Increased each year to provide for the 8195.000, which becomea due July 1, 1938, the oaah waa Invested In Olty of Medfora water bonds, general obligation bond of the city and other municlpa bonda. In thla manner the funda Instead of lying in the bank drawinii a fraction of 1 per cent Interest were earning the highest yield thr market would afford on thla type 01 Investment. The records show that 837,101.86 was chalked up as net profit during tne penoa win suuu was being accumulated. Investments Pay During the depression yean when investors were selling their bonds, the water commission waa quletn buying them up with the cash It had available. Aa an example In October. 1933, 86,000 worth of City of Medford airport bonda were pur chased for 83.000 from a private In vestor. This price netted the bond! to the city at a cost of 78 cents xn the dollar. The bonds matured on July 1, 1937, netting tne water oono sinking fund a handsome yield on the original investment. This, records show, waa of court, the beat buy made by the commis slon. As general conditions Improv ed the price of municipal bonds In creased until the yield from this tyrx of Investment wss not much mou than could be realised from govern ment bonds. In no ca. however did the water commission fall u earn a fair interest rate on its in vestments, records reveal. NAVY MAN SHOT IN PARTY FIGHT KANSAS CITY, Has.. June 38 VP) A naval petty officer tumbled downstairs with a fatal bullet wound early today after a house-warming party at the fashionable Lake 01 the Forest, and a fellow officer waa charged with murdering him. Sergeant Edgar 0. Bodgera, 87, waa accused of killing Arthur O. Moeller. 40. chief petty officer at the Fairfax airport. Bodgera told offloera Moeller attempted to kua the hostess, Mrs Judith Sudbrlnk, 35, but she resisted him. Rodgers roomed at the Sudbrlnk home. Mrs. Sudbrlnk's husband, Harold, a travelin: Insurance man, waa away from home and ahe waa acting as hos tess at Bodgera' party. Forty gueata went swimming and came back to the house for beer and aandwlohea, but the party had broken up when the shooting occurred. JAP SENTRY HITS AMERICAN CITIZEN SHANGHAI, June 33. (API J. C. Thompson of New Brunswick, N. J.. on whose behalf United States Con s' Here's in exceptional offer that creates summer employment assures you of unhurried and convenient installation.. mi Bring your home com pletely up-to-date with ultra modern gas heating. Banish forever fuel handling, stor age, smoke, ashes, odor and Inconvenience. With a gas "forced-air" unit, 1 finger-turn brings complete winter heating-air conditioning and healthful summer ventilation under exact humidity control. Enjoy cool comfort this sum mer and invigorating warmth next winter. Order dependable, economical gas heating now and save with low heating rate. Immediate installation, yet nothing to pay until October 1, then low, budget terms. Tbtri's at gat beating unit Jor tvtry bomt and punt. Information, tstimattt FREE Fmm HERE'S NUMBER 1 IN THE MAIL TRIBUNE'S GUESS WHO CONTEST 1 ""rwa km NO. 1 Can You Identify the Prominent Medford Man Whose Picture Appears Above? THIS Is one of 36 pictures selected from the Mall Tribune's photo engraving file for use In this newspsper's "Ouesa Who" contest, which starts today. A different picture will be published each Issue ' for 36 daya. Each will depict some well known Medford resident. A number will appear under each picture. To enter your guess, merely write down the numbers of the pictures as they appear and opposite the number, the name of the person you believe represented. At the end of the contest send In. your guesses, plainly written, together with your own name and address. $8 will be given for the most accurate list $5 for second best and (2 for third best. The contest is open to all. It costs nothing to enter. Start with picture No. 1 in today's paper and GUESS WHO! sul John II. Allison at Nanking pro tested to Japanese authorities yes terday because of a blow from a sentry, arrived In Shanghai today. Explaining the Incident, he aald he waa stopped and searched by the sentry while riding In a Jinrickisha from the Japanese embassy after se curing a pass. - "In the midst of tbe examination I said -In Engllab, 1 shall have to report thla to the Japanese embaa- STATUS BY By,' " Dr. Thompson said, "whereupon he Instantly struck me a, stinging blow with his hand across the face." Dr. Thompson is connected with Nanking university. SEMI-ANNUAL CLEARANCE Coats - Dresses Hats CTHELWYN B HOFFMANN The Mohammedans credit Abra ham for the invention of the alpha bet and the founding of astronomy COVERED GREEN GLASS ICE BOX DISH LARGE SIZE-8 INCH A. new pattern with improved safe grip han dle on cover. This desirable feature makes handling easier and prevents breakage. Made of highly polished yf clear green glass. A kitchen V I ' rtfe item that will be in use I. J r 1 every day. LIMIT 2 TO A CUSTOMER 1 EVERYTHING FOR THE HOME GARDEN HOSE S2.85 Braided reinforcement in sures long life. Brown. M.in. six. Complete with couplings. 50 feet. Cart Iron CHICKEN FRYER S1.39 Who doesn't like fried chicken done to a golden brown? Smooth casting inside and out. lO'A in. diam. Self-Basting cover. 8 in. Wall or Table Fan $1 .60 Lisk Cold Pack Canner .$1.29 11 pint Cereal Creamer.... ,. . . . 15c Ice Cream Freezer, 2 qt 98c 1$ qt. Lipped Glass Pitcher 25c Deep Sharp Orange Reamer. ..... 15c Fancy Shaped Tumblers 6 for 25c Enamelled Plates, Cups, Bowls, 2 for 35c Two gallon Water Bags 80c 4 qt. Metal Bound Canteen $1.24 American White Cups and Saucers 15c American White Dinner Plates. ... 15c HUBBARD BROS., Inc. Main and Riverside. Phone 231 Because the bill to continue the moratorium on mine assessments has not yet been signed by the president, and the many Inquiries as to the present status of claim holders, the state department of geology and mlnerej Industries has Issued the fol lowing statement: 1". Mining claims are not cancelled uy the government for failure to do assessment work but are subject to relocation by citizens or those who have declared their intention of be coming citizens. 3. Doing assessment work is the essential thing In order to hold a claim. Filing a proof of labor Is prima facie evidence only which throws the burden of proof upon the contestants that the work was not done. 3. If a claim owner starts work before noon of July 1 and proceeds with reasonable diligence (say five days' work per week) to complete the assesment work for the year ending on that date, he preserves his rlgnts. The moratorium does not alter the laws other than to relieve the claim owner from doing assessment work provided he files a declaration of de sire to hold tbe claims, provided he Is not a federal Income taxpayer, and novlded that his declaration applies 1 not more than, six claims for an idivldual and not more than 12 aims for a corporation, partnership r association. Corporations, paying jicorae tax, are Ineligible to exemp tion. The federal government does not become actively Interested In claim matters until an owner starts to pat ent his claims. The moratorium on assessment work, as we understand It, has no effect on the basic federal lay pertaining to mining claims nor to itata laws other than relieving the owners, under the conditions stated, of their assessment work for the year In question. Name O. O. P. Chairman PORTLAND, Ore., June 28. (AP) vnvi Brown. Portland attorney, was elected chairman of the Multnomah county Republican central commit tee yesterday. Mrs. John L. KaroopD. pro-America candtdte, was named vice-chairman. Tom J. Kreuder, a farmer, beat out Jerome B. Buckley retiring chairman, for the post of state central committeeman. Find Body In River PORTLAND. Ore., June 33. (AP, The body of a man about 65 years old was recovered from the Willam ette river last night. The only Iden tification was the name "T. L. Smi ley" on a case which came from a Pasadena, Calif., optical company. ayiWSjssM D5 PTNT r blu m. 4 piii Looking for fine whiskey? 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