European Stars and Stripes (Newspaper) - May 27, 1992, Darmstadt, Hesse                                Wednesday May 27, 1992 the stars and stripes b Page 17money matters the Dollar inched higher tuesday against the japanese yen on expectations the . Economy will outperform that of Japan and other countries Over the coming month dealers said. The Greenback closed at 129.15 yen up 0.05 yen from mondays close in Tokyo. Financial markets in the United states and Britain were closed monday for holidays. A although the . Economic recovery has been very slow it is better than Japan so said Takashi Nakamura a dealer at Sumitomo Bank. A in the Long run the Doller should move to the 135-yen  rates London up tuesdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $338.00 an ounce Silver at $4.10. May 25 May 26 British  1.8276 German mark.1.6145 1.6095 French franc.5.4265 5.4060 dutch guilder.1.8175 1.8103 belgian franc.33.21 33.16 italian lira.1,215.90 1,211.50 Swiss franc.1.4855 1.4810 greek drachma.192.37 191.65 turkish lira.6,767.70 6,768.90 saudi arabian riyal.3.7499 3.7499 Spanish peseta.100.67 100.45 portuguese escudo.133.97 133.58 Canadian Dollar.1.1963 1.2023 austrian schilling.11.3525 11.3300 norwegian krone.6.2930 6.2780 danish krone.6.2300 6.2120 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates apply to the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.57 Marks to a Dollar and $1.87 for a Pound through wednesday based on tuesdays noontime  stocks Stock and commodities markets were closed in the United states on monday for the memorial Day  firm to move jobs san Francisco up Charles Schwab amp co. Inc. Plans to shift 450 to 500 jobs to Denver and the East coast during the next 2vi years a spokesman said monday. The discount brokerage was to begin holding meetings tuesday with its 650 Core services employees in san Francisco Schwabas Headquarters. Core services which also employ 200 workers in new York and new Jersey and 50 in Denver include trading securities processing margin accounts and other a Aback office functions. Spokesman Thomas Taggart said the Job shifts reflect the need for the brokerage to provide National services. He said the shifts will not cause cuts in the work Force which now numbers More than 4,000. Schwab which has grown dramatically in recent years previously said some Core services jobs would be moved out of san Francisco but it had not said How Many. Son of Wal Mart founder holds dad s Job but has his own style stories by James Jefferson the associated press Little Rock Ark. A s. Robson Walton is the tie that binds Sam Walton a family to the $44 billion retail Empire he left behind. Rob Walton at 47 the eldest of Sam Walton a four children is the new chairman at Wal Mart stores inc., the nations largest retailer. He was selected to succeed his father a Day after the elder Walton a death last month. Reserved and dignified he admits he lacks the flair of his father who led cheers at Wal Mart meetings and once danced a Hula on Wall Street. A a in a pretty quiet Rob Walton frankly and maybe Boring a Rob Walton said in a recent interview. He does no to aspire to the role Sam Walton played As a hands on visionary who turned Small town retailing into big business. Rather he seems Content to let president and chief executive officer David d. Glass and his management team steer the company toward Sam Walton a dream of $100 billion in sales by the year 2000. �?o1 see the chairman a Job As being More As a supportive position for management. Than a position of leading the company Down the Road a Rob Walton said. A the things dad did so Well can to be done by any one person but the things that he stood for will continue to be an important part of the  the Walton family a 38 percent share of the company is Worth about $23 billion. The selection of the eldest son As chairman was a commitment to the Walton family. A a we re staying hitched to assure that the company is run for the Benefit of All its constituents the stockholders associates and customers a he said. Employees Are called associates. Despite his Low key style Walton is a fierce competitor. He works hard and enjoys competitive sports such As bicycle racing handball racquetball and Marathon running. Lately he has taken up skiing. Born in Tulsa okla., during world War ii he moved to Newport with his family after the War then to Bentonville Ark., in 1950, where he attended Public school. Walton earned an accounting degree from the University of Arkansas and a Law degree from Columbia University. He practice Law for a time in Tulsa then went Back to Bentonville in 1978 As a Wal Mart vice president and general counsel. He had various responsibilities Over the years including a stat As chief of the company a real estate and construction division. A i became vice chairman someplace along the Way. I done to really remember when a Walton said. Unsurprisingly he a bullish about Wal Mart which will continue its expansion program by building 150 Wal Mart stores and about 40 same a clubs wholesale outlets a year. Wal Mart also plans to add 15  to its nine centers this year. And groceries might be another direction for the future he said. A i done to see us doing anything dramatically different a Walton said. A but Well still Wake up every Day trying to do the things we do better. Our customers will fire us in a second if we done to continue to serve them better than anybody  ceo says hell stay the course Little Rock Ark. A David d. Glass May drive a luxury Sedan but Wal marts no frills approach to Success will remain the driving Force As he carries on Sam Walton a legacy As the discount retailers chief executive officer. Walton a Down Home billionaire who was at Home behind the wheel of a pickup truck died last month of Bone cancer after building a retail Empire from a modest Start in the Ozark Foothills of Northwest Arkansas 30 years ago. Walton had a simple philosophy a Low overhead High value and commitment to customers. Wal Mart had $44 billion in sales last year and Glass said Walton a philosophy Isnit going to change. A this company is doing Well. We re working every bit As hard and what a worked for us in the past will work for us in the future a Glass said. Walton a business savvy and flair made him an american hero but Wal Mart insiders say Glass management team was instrumental in building the company into the nations largest retailer. Glass 56, is a Mountain View mo., native known among friends for his skill Over a backyard Grill. He Learned Early on to be resourceful innovative and ambitious. In the 1960s, he was working for a Large drugstore Chain while Walton moved to Bentonville after losing a lease on a store in Newport. Glass was there when Walton christened his second Wal Mart store in 1964 and was underwhelmed by the grand opening. A i heard about this Guy Sam Walton discount stores in Small towns. Inc., a four state regional grocery Chain working his Way up to chief financial officer and operating vice president. Lost of us had predetermined that it  work a Glass recalled. A when he survived his first one and put in the second one i decided to go and take a look. It was  watermelons burst in the hot afternoon Sun he recalled and the juice mixed with Donkey dung from a ride Walton had set up in the parking lot made its Way into the new store on customers shoes. Glass later joined consumer markets Walton offered him a Job in 1976, and after a salary tug of War Between the companies for his services Glass went to work for Wal Mart As executive vice president for finance. Eight years later he was named president. Now Glass is Back on the Road at least two Days a week visiting some of Wal marts 1,800 stores and talking to customers and associates As the company a 380,000 employees Are known. A the has the respect of every officer and associate in the company bar none a said Wal Mart spokesman Don Shinkle. A David is a deceptive Workaholic a Shinkle said. A while you see some Type a workaholics running around frantically he kind of glides from one place to another. He a working just As hard. He a accomplishing every bit As much in some cases More while appearing to Glide through a Days  High tech Mercedes Plant opened in German town Frankfurt Germany apr Mercedes Benz a opened an Auto factory in southwestern Germany on monday even As some of the country a car makers Are looking for cheaper production Sites abroad. The company describes the $1.3 billion project in Jastatt in Baden Wurttemberge state As a the factory of the future a with computerized Assembly systems and new work incentives. Mercedes Benz chairman Werner Niefer in a speech to open the Plant said Competition forces the company a to launch hew products faster and above All at lower  the new Plant will prove it is possible for Auto production in Germany to remain economically feasible Niefer said. The Plant begins operation As other automakers look abroad for possible production because German labor and other production costs have increased. Bay Rische motored Werke a of Munich is considering a Plant in South Carolina or Nebraska to produce its luxury Bow cars but has not made a decision. Daimler Benz a the Parent company of Mercedes has also said it plans to expand its freight liner heavy truck production in the United states following sales of about $7.5 billion there last  Japan pushes companies to buy More foreign chips from wire reports Tokyo a Kozo Watanabe minister of International Trade and Industry prodded major japanese electronics companies monday to boost their purchases of foreign made chips so that Japan can fulfil its semiconductor pledges to the United states. Under a five year bilateral Accord that went into effect in August Tokyo agreed to work to increase the foreign share of Japan a Domestic semiconductor Market to 20 percent. Foreign share slipped to 16.1 percent according to japanese figures that count chips made by . Companies in Japan for their own use. Boll Weevils threaten Texas crop san Angelo Texas a the Texas agricultural Extension service says the Boll Weevil problem this summer May be at least two or three times worse than last year because of recent mild wet Winters. Or. Tom Fuchs an Extension entomologist in san Angelo said the pest will be More of a problem for Cotton Farmers South of Lubbock