Quad-City Times du lieu suivant : Davenport, Iowa • 11

3. 2. A Tuesday, Oct. 2, 1990 QUAD-CITY TIMES BUSINESS la inn lS Vw'Buai I au00r b1 "I think the financial markets are grateful that the issue is going to be put behind us for a while," said David H. Resler, chief economist at Nomura Securities International Inc.

"Regardless of whether people like or dislike the compromise, there is some feeling that an albatross has been removed from around the market's neck." A stalemate in the negotiations over a package of tax increases and spending cuts had added to the worries weighing down the stock market in recent weeks. Markets welcomed the break in the deadlock as a sign that interest rates could be header lower. The Dow Jones industrial average climbed 63.36 points, closing at 2,515.84, amid hopes that the budget accord will make the Fed answered over time: Will the higher taxes and revenue reductions hit the economy too hard? "To the extent one can see through the smoke and mirrors, I don't think it will harm the economy as it sinks into recession," said Manufacturers Hanover Trust chief economist Irwin Kellner. "In the short-term, it probably isn't enough fiscal restraint to push the economy down eral Reserve more likely to relax its monetary policy. In the credit market, the benchmark 30-year Treasury bond gained 1 's point, or $1 1.25 for each $1,000 in face value.

Assuming that Congress enacts most of what has been cobbled together by White House and congressional negotiators, the most crucial question about the new 1991 budget proposal can only be any more than it's going on its own." Brian J. Fabbri, chief economist at Midland Montagu, said there is a danger, however, that the 1991 budget "could be viewed in history as maybe the most ill-timed fiscal response ever." With the economy entering or already in recession, this year might be the wrong time to enact measures that further discourage consumer spending. Steamboat develops new school By Bill Jacobs QUAD-CITY TIMES A school to train the nearly 400 employees Steamboat Development Corp. will need for its riverboat gambling operations will open in November in Bettendorf and Fort Madison, Iowa. Steamboat, which has been answering inquiries for the school, has p.

I ar I 'I I -it; '1 i Stockbrokers are happy have any agreement NEW YORK (AP) A sigh of relief sounded on Wall Street Monday after the Bush administration and leaders of Congress fi- rhally compromised on a budget, but the best thing many observers could say of the accord was that it 'exists. Q-C stores offer videos for soldiers ma Montgomery Ward is offering to help families of U.S. military -personnel on duty in Operation Desert Shield make videotaped messages to send to the Persian Gulf. So far, three families have used the camcorder at the Wards store at Southpark Shopping Center, store manager Dale At Northpark's Ward's store, "where three store employees have relatives on duty in the Persian Gulf, "we've had quite a few pie come in and use it," said Dale Plath, store manager. The company is providing the "Jape as well as the equipment and a private place to shoot the video, or to view videos sent from in return, he said.

Arrangements can be made by calling the stores. The new program has emerged from the success of a program called Project Better Than a introduced Sept. 3. Equipment also has been sent to the Persian Gulf so soldiers can make videos for their families, Plath said. Camcorders, televisions and videocassette recorders are being provided by Zenith, RCA, Sharp, and Magna vox; videotape are being provided by JDK, -Maxell, Scotch 3M and BASF.

All are Montgomery Ward vendors. The USO is handling transportation and distribution of the "equipment overseas. mart pulls out of Monmouth By Randy Van Roekel "quad-city times MONMOUTH A retail chain has announced it will be 'pulling out of Monmouth just be- fore Christmas. mart has decided to close its "doors Dec. 21.

Jan Potter, public communication coordinator at Smart's headquarters in Troy, says the store's 45 full- and employees were told Friday of its closure. Despite the protests of city and community officials in a letter-writing campaign there, mart decided to close the store anyway. Potter said Monday that the has been reviewing the v.5ituati6n at all its U.S. stores. She said in order for the chain to offer their desired "merchandise mix," mart has decided all stores must be at least 80,000 square feet.

The Monmouth store is one of the chain's smallest, with only i 39,000 square feet. 5 In the gift shop, owner Kevin Hayes, Rock Island, sold his first gift (a Chicago Bears tumbler) and his mother, Rosalie Hayes, who runs the Fort Armstrong Beauty and Barber Shop, took her first appointments Monday. n1- Work goes on at the Fort Armstrong Hotel In Rock Island under the day to survey the refurbished lobby. Residents began moving the eye of Michael Thorpe, project manager, who stopped late In In belongings Monday, and hotel shops opened for business. Rl's famous Fort Armstrong re-opens I Hany BollQUAD-CITY TIMES Seaman, executive vice president of Westin Financial Group, the general partner in Historic Housing for Seniors II.

The hotel is managed by Evergreen Management Corp. of Kansas City, Mo. as much as possible the historic beauty of such buildings, the needs of the elderly residents must be taken into account. "We try to keep the history to a certain degree, but keep the colors soft," she said. At the Fort Armstrong, for instance, a band of color above the handrail in the hall was a different color for each floor to help residents keep from getting confused.

managers vice president of operations. Saunchegrow has worked for the Hilton hotel chain and the Stan Musial and Biggies Corp. in St. Louis. He also was involved in nine property openings and six takeover operations while at the Radisson Corp.

in St. Louis. Louis P. Facclla, Davenport, was reappointed general manager. Suzan Piazzi, front office manager at Connelly's Sheraton Hotel in Pittsburgji, was appointed assistant general nearly 60 applications so far, said Robert Gensamer, vice president of hotel and gaming operations for the Davenport-based company.

The school, Casino Career Training Centers, will train students in three games as well as customer service, accounting and other chores, he said. Cost will be $925 to learn all three games blackjack, craps and roulette. He said the school qualifies for student loans, but won't have a student aid package. "We are making payment terms available to make it as easy as possible for students to pay for the schooling," he said. He said the school will be operated as a mock casino for the riv-erboats.

"We're training casino professionals that hopefully will be the first-line supervisors and managers," he said. "We're not training dealers as technicians." The schools are owned by the Goldstein family, which also owns Alter of which Steamboat Development is a subsidiary. School director Robert Jones, formerly of New Jersey and the owner of a company that sets up "casino night" fund-raisers for charities, said gaming schools in New Jersey and Las Vegas typically train students as dealers for a single game. But riverboat casinos, he said, will be so small that employees will have to be able to work in all areas of the operation. The schools are set up to handle 500 students.

He said Steamboat would require 376 full-time employees for each of its boats. Graduating from the school won't guarantee anyone a job, but will guarantee an interview, he said. The school is scheduled to operate from November to April. Operations beyond that will depend on demand for employees, he said. Construction spending fell in August WASHINGTON (AP) Construction spending stalled in August following Iraq's invasion of Kuwait after posting its first gain in four months in July, the government said Monday.

Only an increase in government projects kept overall spending from "Confidence is the major problem we have across the board right now," said Daryl Delano, an economist with Cahners Economics in Newton, Mass. "Confidence is certainly at the lowest point we've seen in a long time." The Commerce Department said residential, non-residential and government spending was virtually unchanged at a seasonally adjusted annual rate of $442.5 billion following a revised 0.3 percent increase in July. Gensamer Project is good for Q-C businesses Trade unions in the Quad-Cities have criticized the hotel's design, saying the rooms are too small for comfortable living. "That's sour grapes by the unions, and the proof is a walk through the building," said Stan enough to get the nod for six projects in addition to the downtown Rock Island Hotel. Wilkinson, in turn, called on Quad-City firms to buy accessories and some necessities.

Light fixtures from Shaw Electric, Davenport, for instance, and mattresses for model rooms from Therapeutic Midwest. For Wilkinson, the work is sort of a specialty. Besides the detail work needed to recreate By Bill Jacobs QUAD-CITY TIMES The gift shop and salon are open, and two people have begun moving belongings into the renovated Fort Armstrong Hotel, although no one slept in the downtown Rock Island landmark Monday night. The hotel was expected to receive its occupancy permit Monday night, said Michael Thorpe, with developer American Realty Constructors Inc. There still is work to do on the 1 10-unit building, made over into a residence for the elderly, but the main work is done.

The kitchen is ready, many of the rooms are ready for tenants, and the common areas the hallways, dining room, ballroom have been restored to a former elegance. Group gets to the Blackhawk The Fort Armstrong Hotel project has led to a number of local businesses supplying goods for other projects done by American Realty Constructors Inc. The main link: Dana Wilkinson's Paragon Commercial Interiors, Davenport. She went to American to sell her design services for the Fort Armstrong renovation, and impressed the development firm the keys for $4.3 million from Davenport Bank and Trust according to a deed to be filed today in the Scott County Recorder's office. Connelly said his group has adopted a "Back to the Future" theme as it returns the hotel to its former glory.

While the 11th Street Precinct Jazz Band wailed in the background, buttons proclaiming "I've got the Spirit of 76" were distributed to reporters and guests. The hotel celebrates its 76th birthday in 1991. Future promotions include a 76-hour grand opening week party in February, $76 weekend packages and 76-cent luncheon specials, Connelly said. Connelly By John Willard QUAD-CITY TIMES Davenport's venerable Black-hawk Hotel was turned over to The Connelly Group Mon day. At a news conference featuring a Dixieland jazz band, refreshments and promotion buttons, group chairman John E.

Connelly said the jwr r.riL Connelly 178-room hotel would undergo a major refurbishing. are going to do everything we can to bring the hotel back to its heyday," he said. Plans include transforming its apartments into guest rooms, restoring the marble in the lobby, updating banquet rooms and bringing back Blackhawk Beer. The tea dances that attracted big crowds in the early 1980s also will reinstituted. Restaurant remodeling plan's call for opening up views of the adjacent River Center atrium.

The company bought the hotel Connelly selects The Connelly Group has announced its management team for the 1 Blackhawk Hotel, which the firm completed buying Monday. Cliff Saunchegro vice presi- Saunchegrow ml manger of Connelly's Gateway Riverboat Cruises in St. Louis, has been appointed 1.