鈥淥h, you need not be afraid about your character, John,鈥?said Theobald kindly, 鈥渁nd as it is getting late, there can be no occasion for you to leave the house before to-morrow morning.鈥? Fortunately his temper had come to him from his mother, who, when not frightened, and when there was nothing on the horizon which might cross the slightest whim of her husband, was an amiable, good-natured woman. If it was not such an awful thing to say of anyone, I should say that she meant well. Mother thought he was staying and watching, but Dad and I had a pact. He would drop me off, and Iwould show my horses, while he would go look at stores. The store thing was always a part of it. Itwasn't that he wasn't supportive or fair. It was just something he had to do, and we understood it."ROB WALTON: 059期大乐透 Fortunately his temper had come to him from his mother, who, when not frightened, and when there was nothing on the horizon which might cross the slightest whim of her husband, was an amiable, good-natured woman. If it was not such an awful thing to say of anyone, I should say that she meant well. We don't believe in taking a lot of money out of Wal-Mart's cash registers and giving it to charity for thesimple reason that any debit has to be passed along to somebodyeither our shareholders or ourcustomers. A few years ago, when Helen convinced me that our associates here in Bentonville needed afirst-class exercise facility, she and I paid the million dollars in construction costs ourselves, plus an annualsubsidy for a few years to get it started. We paid for it to show our sincere appreciation to theassociates, but also because I don't believe in asking the customers or the shareholders to pay forsomething like thatas worthy a cause as it may be. By not designating a large amount of corporate fundsto some charity which the officers of Wal-Mart may happen to like, we feel we give our shareholdersmore discretion in supporting their own charities. And I have been particularly proud of the reallygenerous community support shown by some of our shareholders who have been with us since way backwhenespecially the early store managers. Willard Walker and Charlie Baum are two guys who have justdone great things for the community with some of what they've accumulated through their Wal-Martholdings. "Sam decidedcorrectly at the timethat White, Weld knew more about public offerings than we did, sohe let them have the business. But he told them, 'I hope you'll include the folks at Stephens, becausethey're good friends, and they're good people.' White, Weld asked us if we wanted to take a third of thedeal to their two-thirds. I talked it over with Jack, and he asked me what I thought of the company. Isaid I thought we ought to do it. And we did. Later on, in other offerings, we got a fifty-fifty piece of thedeal along with White, Weld."So Rob started to work on the plan, which was to consolidate all these partnerships into one companyand then sell about 20 percent of it to the public. At the time, our family owned probably 75 percent ofthe company, Bud owned 15 percent or so, some other relatives owned a percentage, Charlie Baumowned some, Willard Walker owned some, Charlie Cate owned some, Claude Harris owned some. Allthose early managers would borrow money from our bank to buy stock in the stores. Willard was themost skillful at getting money. He would cultivate the guys who ran the banks and they'd let him havewhat he wanted. Consequently, he realized fabulous returns on it. He had more ownership than any of themanagers. Communicate, Communicate, CommunicateIf you had to boil down the Wal-Mart system to one single idea, it would probably be communication,because it is one of the real keys to our success. We do it in so many ways, from the Saturday morningmeeting to the very simple phone call, to our satellite system. The necessity for good communication in abig company like this is so vital it can't be overstated. What good is figuring out a better way to sell beachtowels if you aren't going to tell everybody in your company about it If the folks in St. Augustine,Florida, don't get the word on what's working over in Panama City until winter, they've missed a bigopportunity. And if our buyers back in Bentonville don't know we're expecting to double our sales ofbeach towels this summer, the stores won't have anything to sell. DEAR MISS CHAMBERLAIN,鈥擨 know a young man who is very fond of you. He would like to begin a correspondence with you with a view to marriage. Kindly inform me if I may hold out to him any prospect of encouragement. Those meetings are just one example of how, in the early days of being a public company, we really didhave to go to greater lengths than most companies to let Wall Street get to know us and understand us. 鈥淣ever,鈥?said he. He bowed his head in his hands. Judgment had at last descended on him for the sins of his youth; for he had erred grievously. All the misery he had endured since then had been but a preparation for the blow that had now fallen. It would be easy to go to her to-morrow and say: 鈥淚 deceived you last night. The woman you saw was your mother.鈥?But he knew he would never be able to say it. He must pay the great penalty. Fortunately his temper had come to him from his mother, who, when not frightened, and when there was nothing on the horizon which might cross the slightest whim of her husband, was an amiable, good-natured woman. If it was not such an awful thing to say of anyone, I should say that she meant well.