The Monitor from McAllen, Texas • 21

XX" BUSINESS NOTES RETAILING Kmart Corp to close Edinburg store Construction in McAllen The Monitor most iO i i 1 WALL STREET A I I I 2t871 See MARKETS page 6C See ECONOMY page 7C rancisco I Rodrlfluez The Monitor The arm Credit System an in rural he said IESTA TEXAS from hunters is anticipated The Associated Press The Associated Press must continually add attractions Jeffrey Thomison an analyst See page 6C A 1 8B SMI Dow Jones 1 NYSE 3 Us ta hap store Close: 260 £2 Cban9Kt1G4 Meanwhile the Labor Depart ment said the number of initial claims for state unemployment ben efits declined a modest 3000 last week irst time claims totaled a seasonally adjusted 330000 in the week ended Sept 3 down from a By STEVE SAKSON The Associated Press By JAMES RUBIN The Associated Press By PHILIP BRASHER The Associated Press By BARRETT MARSON The Monitor to increase its stake in iesta Texas up to 50 percent or more at least two years ago fie said result tff system" oilers lower rates on loans than small rural banks according to the Gen eral Accounting Office WESLACO Construction in the Rio Grande incorporated areas totaled $3105 million in July according to the monthly business barometer 7 compiled by the Rio Grande Valley Chamber of Commerce McAllen led with $803 million in July construction of which $407 million was for 48 new residences $718000 for seven new multifamily units and $303 million for commercial and school construction July construction totaled $367 million with 47 new dwellings included in its residential building of $303 million plus $634464 in commercial construction July construction of million was mostly residential i than 650000 Hispanic owned businesses' in the United States and Puerto Rico working through a network of more than local Hispanic Chambers of Commerce YORK Investors re mained optimistic about corporate profits and shrugged off anxieties about upcoming inflation statistics sending the stock market higher Thursday The rally was helped by gains in technology stocks and basic materi als industries suchr as chemicals paper and mining which often rise and fall with sentiments on the economy The Dow Jones industrial avCf rural said Myron Edle man a South Dakota farmer and a member of the board of one of the regional banks si trw are restricted to rural housing in Streets and town squares being communities of fewer than 2500 boarded up all over the people says Texas Agriculture Commis Congress had to rescue the sys sloner Rick Perry tern in 1987 when it lost $48 bil Traditional banks deny there is lion over a two year period because any shortage of credit They com of the bad farm economy plain that the government WASHINGTON Despite higher interest rates and signs of a slowing economy American busi nesses remain optimistic and expect to modernize and expand this year at the highest rate in five years Some 5000 businesses ques tioned by the government said they plan to increase investments in new building and equipment by 88 per cent this year revised upward from a projection three months ago the Commerce Department said all owned by their borrowers porters say It has no depositors but instead The lending restrictions result in sells bonds to raise money for "missed opportunities which trans lending Besides farmers the loans late into lost jobs and rural Main SAN ANTONIO Insurance giant USAA says it may sell all or part of its majority interest in the iesta Texas theme park and in dustry analysts say leading theme park companies could be potential Traditional' banks are strongly opposed But the idea has broad existing proven and committed support in the South and elsewhere source to turn to for additional help and is expected to be an issue when Congress writes its next five The 78 year oId system which year farm bill in 1995 has more than $50 billion in out lfDespite what critics may tell standing loans comprises 14 re As many as 100 workers could be out of jobs by mid January On Hit List: Kmart Coro the financially troubled discount chain has announced plans to close 110 stores in 30 states including 12 the Valley scheduled to get the ax ORT WORTH Birdshot is turning to bucks over the Big Country with dove hunting season hitting high gear officials said Hamilton County a spot about miles southwest of ort Worth has celebrated the weekend of the Sept 1 opening day for the past 26 years with a Dove Hunting estival wa so ut standi said ciuil and chamber president still trying to puli all the numbers together but it looks like Larry Clubb The Monitor in Texas The Edinburg outlet shown above is the only Kmart store in leads Valley during July Nasdaq DOVE SEASON Business boom EDINBURG "blue light will end for good here early next year Kmart Corp announced Thurs day the closing of 110 or 47 percent of its discount stores across the country including the Edinburg branch The store at 2802 Highway 281 will close Jan 151995 not something pening overnight said manager Candace Henson But the move could leave of the employees jobless Kmart officials at headquarters in' Troy Mich did not immediately return phone calls but Henson said 50 to 100 Edinburg employees may lose their jobs Henson who has worked for Kmart for about 10 years will be transferred to another store she said She has been manager of the See KMART page 6C AMEX WASHINGTON The govern ment backed arm Credit System back on its feet after escaping col Uspseiru the 1 980s wants to dend sion from Congress to diversify into lending for off farm businesses and expand its rural housing busi ness USAA may sell its interest in San Antonio theme park uTiempibynfeiH I The minimum benefit amount will I increase from $41 to $42 Cavazos a says TEC currently sends an average weekly benefit pmount of I $178 to jobless workers who qualify for unemployment I insurance I Benefit amounts arc tied to I average weekly earnings of the I manufacturing production I workers Cavazos says the increase although small" will aid out cif work Texans and employers I Hispanic group names corporation of the year I MILWAUKEE Miller I Brewing Company was recently I named Corporation of the Year by I the United States Hispanic I Chamber of Commerce I Miller Brewing Company was buyers the first corporate sponsor of the I US Hispanic Chamber of I Commerce said Jose Nifio the I organization's president I The relationship has grown along AGRICULTURE arm Credit System asking for permission to diversify Valley companies work on prison construction EDINBURG Much of the construction work at the substance abuse treatment prison just north of here is being done by Valley construction companies and minority business according to i ECONOMY 7 state records At least three Valley companies are listed with contracts of over $1 illQlHPCC I million each and at least eight JLUOlllvOO IV 111V1 VUJV minority owned or women owned Valley businesses show a total ot $13 million in contract work Construction of the entire facility will cost approximately $125 million order to maximize the economic development of the project we must maximize the number of Valley companies in the construction said State Representative Eddie De La Garza Edinburg companies create jobs in the Valley and spend the profits from these contracts here Valley workers of course spend their paychecks here and create more The center of Entrepreneurship and Economic Development at (he University of Texas Pan American estimates the prison units will a $500 million economic impact on the Edinburg area over the next 10 years Unemployment benefits to be boosted in Texas McALLEN Jobless workers who file initial claims for unemployment insurance effective Oct 21994 and forward can expect an increase in the maximum weekly benefit amount According to Texas Employment Commission Chairman Eddie Cavazos thc Economic optimism drives market rally Investors shrug off anxieties about inflation age gained 2221 points to 390846 Advancing issues outnumbered decliners by about an 11 7 margin on the New York Stock Exchange with 1319 up 837 down and 715 unchanged i Big Board volume totaled 29492 million shares against 29402 mil lion in the previous session Stocks and bonds were helped Thursday morning by comments from ederal Reserve Board Vice Chairman Alan Blinder expansion spending irst time unemployment claims down a little The businesses surveyed in July and August said they would spend $638 billion this year compared to $587 billion last year The outlays are for constructing and modern izing buildings installing new com puters and upgrading equipment Qp f) ErtA Close: 47314 Ctr OUU iL NYSEDiary Advances: '1319 I Unchanged 715 Declines: 837 Total land owns he remaining 14 per cent iesta Texas but recently declined to up its stake If Gaylord change its stance the park would best be served by an owaer experienced in running multiple parks' USAA spokesman Hal Schade told the San Antonio Express News If partner Gaylord Entertainment Parks such as iesta lexas Corp buy out iesta Texas "must continually add attractions its three biggest potential buyers that will bring in returning and new would be Walt Disney Co Six customers alike" Schade said lags Theme Parks Inc and An Jeffrey Thomison an analyst With the organization which today represents stuemsa A a 1 1 A A miiuiiiviMMAJ uocm United Services Automobile As sociation o'wns 86 percent of the 3 Gaylord which operates Opry I'' A 4 11 a J) I I SBn I 7 Wf WrI: JQ I lx a JJ ti dir AA i A A sr ijrCiGPffilWhilfl' iri' 1 jr ja iWWm nT Tiimir adiLTniiT 4 aSpr 'J A The Associated Press A M000VING EXPERIENCE US Secretary of Agriculture Mike Espy pets a cowas Alexander background Thursday at a farm in Kaluga Russia 130 miles south of Moscow Espy in Russia for the first time visited the farm where American Breeder System International is develop business: 42 1 I STOCK AND INANCIAL LISTINGS TIT TPTX SECTION Mutual unds: 2C fS I I I AME 2C NASDAQ: 2C LJ JLiUkJ NYSE: 3C 1 RIDAY SEPTEMBER 9 1994 Jn iSfa Dow Jones 1 Qp f) EAn Close: 47314 Ctr OUU.