The Belleville News-Democrat du lieu suivant : Belleville, Illinois • 15

a a a a a a a a a a a a a a a a June 22, 2007 NYSE Cbnd.com A 9,960.79 500 A DOLLAR 2,616.96 (VS. EURO) BUSINESS A A DOW 1,522.19 13,545.84 AMEX NASDAQ $1.3387 2,327.54 Page B5 BELLEVILLE NEWS-DEMOCRAT SCOTT WUERZ HEARD ON THE STREET Farmers Inn reopens once again THE ICONIC Farmers Inn at Illinois 158 and Triple Lakes Road near Millstadt has reopened under new management. Chef Richard Perry has leased the 111-year-old, twostory brick restaurant and bar that closed in March, less than a year after it was remodeled and reopened. Perry was named on the list of Who's Who in American Cooking by Cook's magazine and as operator of one of the 50 best American Restaurants by Esquire magazine. The name has been changed to The Farmer's Inn and Prairie Kitchen, said Perry, a Belleville resident who runs the eatery with partner James Russell of St.

Louis. "I think it's a good opportunity," said Perry, who helped design the menu at Gallagher's Restaurant in Waterloo. "We're going to serve meals with fresh, local ingredients. There's nothing better than American farm cooking, and that's what we're going to serve." The restaurant is open from 5 to 9 p.m. Thursday, Friday and Saturday.

In July, Perry said he plans to add farm-style breakfasts to the menu and open from 10 a.m. to 2 p.m. Saturday and Sunday to serve it. The Farmer's Inn was closed for several years before Steve Duebelbeis renovated it and reopened it in 2006. But it closed after he and chef John Litwicki had a falling out.

Litwicki sued Duebelbeis claiming that the owner promised him a guaranteed year of salary to get the restaurant on its feet but then fired him shortly after the restaurant opened and refused to pay. According to St. Clair County Circuit Court records, Litwicki asked in January that the case be dismissed. Don't feel like paying your property taxes this year? That's fine with Swansea leaders as long as you are the lucky winner of a raffle that offers to pay those taxes for you. The Swansea Chamber of Commerce is selling tickets for $50 that promise to pay your tax bill up to $2,500 or give you half of the proceeds if fewer than 50 tickets are sold -if your number comes up in a random drawing July 16.

To buy a ticket, go to the organization's Web site: www.swanseachamber.org or call the chamber at 233-3938. The former Ponderosa restaurant at U.S. 40 and Illinois 143 in Highland has headed for the last roundup. The building is being torn down to make way for a new CVS Bellacino's Pizza and Grinders has shut down in the Green Mount Crossing shopping center in Shiloh. The restaurant, which featured thin crust pizza and hearty Italian submarine sandwiches, has paper signs in the window to let customers know it is closed.

It gives no further details about the eatery's future. The rapidly expanding chain has no other locations in the metro-east. But, according to its Web site, it has several in St. Louis and its Missouri suburbs. Have you heard about a new business that is coming to your neighborhood? How about an old favorite that is moving away or closing? We want to hear about it.

Send your tips to Heard on the Street at or call 239. 2626. Highland business owner dies BY CURT LIBBRA For the News-Democrat Sackett HIGHLAND Billy G. Sackett, owner-manager of Oberbeck Grain Co. in Highland, died Tuesday at Anderson Hospital following a brief Sackett battle with cancer.

He was 76. Besides operating one of the most well-known businesses in Highland, Sackett was also an active community member. "He was one of the best guys in the community and did a lot for the community," said Dale Rinderer, a longtime friend of Sackett. Sackett had served as a director of the Highland Area Community Foundation and First National Bank of Highland. He was a member of Highland Veterans of Foreign Wars Post 5694, the Helvetia Sharpshooters, Highland Rotary Club and served on the School Land Acquisition Group.

He was also active in his church, the Evangelical United Church of Christ. For his community involvement, Sackett was awarded the Highland Chamber of Commerce's Bob Hardy Citizen of the Year Award in 2002. One of the things Sackett did was display a Christmas tree atop the feed mill tower at Oberbeck. The tree could been seen for miles atop its lofty perch, and was the first thing many people saw when visiting or passing through Highland during the holidays. Also around the holidays, Oberbeck stored commodities other than grain.

Sackett allowed the Rotary Club to warehouse all the oranges and grapefruit there for the club's annual citrus sale. Sackett was a Highland native and graduated from Highland High School in 1949. After serving in the Marines on the front lines in Korea, he returned to Highland to join his father-in-law, Clarence Oberbeck, working at Oberbeck Feed Store. A grain elevator was added to the store operation in 1959 and a feed mill in 1965. Also in 1965, Oberbeck's Highland and O'Fallon locations were split, and Send your condolences to the family at bnd.com Sackett became manager of the Highland branch a job he continued until his death.

"He never would have retired," said Jack Klaus, who was friends with Sackett since boyhood. "He was still down there every day at six o'clock in the morning. I golf, but he didn't golf. He didn't like most any type of sport, because all he liked to do was work." Visitation is from 3 to 8 p.m. today at SpengelBoulanger Funeral Home in Highland and from 9 to 10 a.m.

Saturday, with a 10 a.m. funeral at Evangelical United Church of Christ in Highland. side a BMW dealership Sunday of future business activity in Denver. The U.S. economy showed Thursday, indicating should expand modestly consumers and businesses in coming months, a gauge may be shrugging off the An unidentified buyer looks overt the sticker price on an unsold 2007 Z4 coupe in a long row of the sports cars out- weak housing market.

Researchers: Economy to grow slowly NEW YORK The U.S. economy should expand modestly in coming months as a healthy job market continues to trump weakness in housing prices, a gauge of future business activity showed on Thursday. The Conference Board said its index of leading economic indicators rose a higher-than-expected 0.3 percent in May, boosted by rising stock prices, higher consumer expectations and the availability of jobs. Economists said that jobs should continue to be plentiful, despite an unexpected surge in jobless claims last week. The Labor Department reported Thursday that un- Associated Press INVESTMENTS Blackstone prices public offering NEW YORK Blackstone Group LP on Thursday priced its highly anticipated initial public offering at $31 per share, the high end of its expected range, in the biggest U.S.

IPO in five years. The IPO will raise an estimated $4.14 billion, according to a person familiar with the transaction who requested anonymity because they were not authorized to speak publicly. The stock is expected to begin trading on the New York Stock Exchange today. The sale of 12.3 percent of Blackstone's management partnership will mean a big payout for the two Wall Street financiers who launched the firm with a $400,000 investment in Personal FINANCE A few things to consider when buying a first home BY MARSHALL LOEB Market Watch NEW YORK Owning a home is a key to the American dream, but with foreclosure rates at a 50-year high in the U.S. it has never been more important to be a responsible buyer.

Here are four steps first time home buyers should take before sinking their life savings into a house: Assess your credit. Most mortgage lenders use FICO scores to determine loan eligibility. In general, the higher your FICO score, the better your interest rates. With a score of 650 or above, you're considered a good risk and should have no problem securing a mortgage. If your score is 600 or below, you may want to consider improving it before applying for loans.

Also, keep in mind that mortgage lenders are reluctant to lend money to people spending more than 36 percent of their gross monthly income on debt. (For a free credit report, visit www.annualcreditreport.com.) Determine how much to borrow. Many first home buyers make the mistake of borrowing as much as their banks or credit unions are willing to offer. While most lenders are comfortable issuing loans worth up to 33 percent of your gross income, many financial planners believe 25 percent is a more prudent number. Factor in ongoing costs.

One of the upsides of renting is that when the pipes break or the refrigerator goes kaput, you can simply call your landlord to have it repaired. As a homeowner, you'll be charged with these responsibilities. So, before taking out a mortgage be sure to factor in expenses like home improvements, basic maintenance and property taxes. Save up to buy. Buying your first home isn't just a matter of bidding on a house and signing on the dotted line.

Before you make an offer on a home, be sure to set aside enough money for a home inspection and appraisal. These fees vary from region to region, so ask your real estate agent how much you can expect to pay. And don't forget about closing costs! They generally run you from 3 percent to 6 percent of the cost of the house, according to the National Foundation for Credit and Counseling. AP employment claims totaled 324,000 last week, up 10,000 from the previous week, to the highest level since midApril. While the big increase was unexpected, analysts said it did not change their view that the labor market remains hardy.

Even with the increase, analysts noted claims remain close to their average 319,000 over the first months of the year. While the overall U.S. economy grew at a lackluster 0.6 percent in the first three months of this year, many analysts believe the pace has picked up significantly in the spring. The Conference Board's upbeat report shows that the impact of the housing slump 1985. Stephen Schwarzman, Blackstone's chief executive and co-founder, will walk away from the IPO with a 24 percent stake worth about $7.7 billion.

Investor appetite to own a piece of the private equity industry where firms buy companies, turn them around, and seek to sell them at a profit comes despite a flood of negative attention in the past few days. The IPO has been scrutinized for the huge payout it will provide top executives, and attempts by lawmakers to change the tax status of Blackstone and similar firms. VIDEO Blockbuster's CFO is leaving the company DALLAS Blockbuster Inc. said Thursday that its chief financial officer will has been fairly contained so far, said Patrick Newport, an economist with Global Insight. "It just hasn't spilled over to the rest of the economy," he said.

It also indicates the economy is doing better than last month's leading indicators report suggested, Newport said. May's increase reversed a revised 0.3 percent drop in April, down from the original 0.5 percent decline that economists blamed on soaring gas prices and a drop in building permits. The report, designed to forecast economic activity over the next three to six months, tracks 10 economic indicators. The advancing contributors in May, starting with the leave by the end of the year, joining the CEO in exiting the movie-rental company. Blockbuster said CFO Larry J.

Zine will leave on Dec. 31, or sooner if he resigns or is fired with or without cause. Zine will be entitled to a retention bonus of $200,000, his regular salary until he leaves, a bonus for 2007 and previously approved lumpsum payment, the Dallasbased company said in a regulatory filing. If fired other than for cause before Dec. 31, Zine would also get immediate vesting of restricted stock that is due to vest on Dec.

20, the company said. Chairman and Chief Executive John Antioco announced in March that he would leave by the end of the year after nearly a decade of leading the Dallas company. Antioco had clashed with Blockbuster's biggest shareholder, investor Carl Icahn, largest, were weekly unemployment insurance claims, stock prices, building permits, consumer expectations and vendor performance. The negative contributors, beginning with the largest, were real money supply, average weekly manufacturing hours and interest rate spread. With the latest report, the cumulative change in the index over the past six months has gone up 0.3 percent.

Wall Street is fairly confident that falling home prices and rising mortgage defaults won't damage the broader economy. Treasury Secretary Henry Paulson said Wednesday the housing slump is nearing an end and that the losses so far have been contained. who sits on the company board and has criticized the company's spending. BEVERAGES Glaceau will oversee Coke's Powerade ATLANTA The CocaCola the world's largest beverage maker, is putting its sports drink brand and newly acquired enhanced water brands under the same management team. An internal memo released by the Atlanta company Thursday said that, effective immediately, management of Coke's Powerade brand will be the responsibility of its Glaceau business unit.

Coca-Cola completed its $4.1 billion purchase of Glaceau, maker of Vitaminwater, earlier this month. The memo from Sandy Douglas, the head of CocaCola's North America unit, said giving Glaceau management responsibility for Powerade will create a "singular management focus" that will allow both units to grow more rapidly. Douglas said the Glaceau team will work with Coke's still beverages business unit, as well as its customer and bottler teams, in developing strategies for Powerade while also exploring new opportunities. Coca-Cola's purchase of Glaceau, also known as Energy Brands, was Coke's largest acquisition ever. Carbonated drink makers are trying to expand their product offerings to juice and other noncarbonated beverages to meet shifting consumer tastes.

Associated Press.