Slowly moving cigar-shaped object with unusual flashing lights seen in Salem, OR in 1970's.

I was walking with my boyfriend late at night.  We looked up and saw a cigar shaped object slowly moving overhead with a humming sound.  The lights of this object were most unusual.  There were approximately a hundred lightsof various colors around the "equator" of the object (parallel to the ground).  These lights would blink off and on making it appear that there was a continuous circle of light moving around the "equator" of the object (like might be seen with an advertising sign or a carnival ride).  We watched the object for awhile, but quite frankly we were more interested in each other, and so eventually stopped watching this slowly moving object.  Eventually it was gone, but I don't know how.
The only aircraft that would be similar to this object would be a blimp, but I have heard that blimps don't travel at night.  Also, the lights were very unusual.
Date is approximate.  PD