Form: S-3

Registration statement for specified transactions by certain issuers

July 15, 1999

Documents

STATEMENT OF ELIGIBILITY OF TRUSTEE ON FORM T-1

Published on July 15, 1999



EXHIBIT 25

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM T-1
--------

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)_____

---------------------------------

THE FIRST NATIONAL BANK OF CHICAGO
(Exact name of trustee as specified in its charter)

A National Banking Association 36-0899825
(I.R.S. employer
identification number)

One First National Plaza, Chicago, Illinois 60670-0126
(Address of principal executive offices) (Zip Code)

The First National Bank of Chicago
One First National Plaza, Suite 0286
Chicago, Illinois 60670-0286
Attn: Lynn A. Goldstein, Law Department (312) 732-6919
(Name, address and telephone number of agent for service)


-----------------------------------

Wal-Mart Stores, Inc.
(Exact name of obligor as specified in its charter)



Delaware
(State or other jurisdiction of 71-0415188
incorporation or organization (I.R.S. employer identification number)

702 S.W. Eighth Street
Bentonville, Arkansas 72716
(Address of principal executive (Zip Code)
offices)

Debt Securities
(Title of Indenture Securities)


Item 1. General Information. Furnish the following
--------------------


information as to the trustee:

(a) Name and address of each examining or
supervising authority to which it is subject.

Comptroller of the Currency, Washington, D.C.;
Federal Deposit Insurance Corporation,
Washington, D.C.; and The Board of Governors of
the Federal Reserve System, Washington D.C.

(b) Whether it is authorized to exercise
corporate trust powers.

The trustee is authorized to exercise corporate
trust powers.

Item 2. Affiliations With the Obligor. If the obligor
------------------------------
is an affiliate of the trustee, describe each
such affiliation.

No such affiliation exists with the trustee.


Item 16. List of exhibits. List below all exhibits filed as a
-----------------
part of this Statement of Eligibility.

1. A copy of the articles of association of the
trustee now in effect.*

2. A copy of the certificates of authority of the
trustee to commence business.*

3. A copy of the authorization of the trustee to
exercise corporate trust powers.*

4. A copy of the existing by-laws of the trustee.*

5. Not Applicable.

6. The consent of the trustee required by
Section 321(b) of the Act.

7. A copy of the latest report of condition of the
trustee published pursuant to law or the
requirements of its supervising or examining
authority.

8. Not Applicable.

9. Not Applicable.


Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, The First National Bank of Chicago, a national
banking association organized and existing under the laws of the United
States of America, has duly caused this Statement of Eligibility to be
signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of Chicago and State of Illinois, on the 13th day of July, 1999.


The First National Bank of Chicago,
Trustee

By /s/ Sandra L. Caruba
--------------------
Sandra L. Caruba
Vice President



* Exhibits 1, 2, 3 and 4 are herein incorporated by reference to Exhibits
bearing identical numbers in Item 16 of the Form T-1 of The First National Bank
of Chicago, filed as Exhibit 25 to the Registration Statement on Form S-3 of U S
WEST Capital Funding, Inc., filed with the Securities and Exchange Commission on
May 6, 1998 (Registration No. 333-51907-01).

EXHIBIT 6



THE CONSENT OF THE TRUSTEE REQUIRED
BY SECTION 321(b) OF THE ACT


July 13, 1999



Securities and Exchange Commission
Washington, D.C. 20549

Ladies and Gentlemen:

In connection with the qualification of the indenture between Wal-Mart Stores,
Inc. and The First National Bank of Chicago, as Trustee, the undersigned, in
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended,
hereby consents that the reports of examinations of the undersigned, made by
Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon its
request therefor.


Very truly yours,

The First National Bank of Chicago



By: /s/ Sandra L. Caruba
--------------------
Sandra L. Caruba
Vice President

EXHIBIT 7




Legal Title of Bank: The First National Bank of Chicago Call Date: 03/31/99 ST-BK: 17-1630 FFIEC 031
Address: One First National Plaza, Ste 0460 Page RC-1
City, State Zip: Chicago, IL 60670
FDIC Certificate No.: 0/3/6/1/8
---------


Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 1999

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding of the last business day of the
quarter.

Schedule RC--Balance Sheet



Dollar Amounts in thousands C400
RCFD BIL MIL THOU ----
---- ------------


ASSETS
1. Cash and balances due from depository institutions
(from Schedule RC-A): RCFD
a. Noninterest-bearing balances and currency ----
and coin(1)...................................................... 0081 3,809,517 1.a
b. Interest-bearing balances(2)..................................... 0071 4,072,166 1.b
2. Securities
a. Held-to-maturity securities(from Schedule
RC-B, column A).................................................. 1754 0 2.a
b. Available-for-sale securities (from Schedule
RC-B, column D).................................................. 1773 12,885,728 2.b
3. Federal funds sold and securities purchased
under agreements to resell 1350 4,684,756 3.
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income RCFD
----
(from Schedule RC-C)............................................. 2122 34,304,806 4.a
b. LESS: Allowance for loan and lease losses........................ 3123 411,476 4.b
c. LESS: Allocated transfer risk reserve............................ 3128 3,884 4.c
d. Loans and leases, net of unearned income, RCFD
----
allowance, and reserve (item 4.a minus 4.b and 4.c).............. 2125 33,889,446 4.d
5. Trading assets (from Schedule RD-D).................................. 3545 5,100,499 5.
6. Premises and fixed assets (including capitalized leases)............. 2145 754,052 6.
7. Other real estate owned (from Schedule RC-M)......................... 2150 5,244 7.
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M)....................................... 2130 201,068 8.
9. Customers' liability to this bank on acceptances outstanding......... 2155 265,041 9.
10. Intangible assets (from Schedule RC-M)............................... 2143 285,709 10.
11. Other assets (from Schedule RC-F).................................... 2160 2,987,184 11.
12. Total assets (sum of items 1 through 11)............................. 2170 68,940,410 12.


- ------------------
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.



Legal Title of Bank: The First National Bank of Chicago Call Date: 03/31/99 ST-BK: 17-1630 FFIEC 031
Address:` One First National Plaza, Ste 0460 Page RC-2
City, State Zip: Chicago, IL 60670
FDIC Certificate No.: 0/3/6/1/8
---------


Schedule RC-Continued



Dollar Amounts in
Thousands
---------

LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C.............. RCON
----
from Schedule RC-E, part 1)........................................ 2200 22,163,664 13.a
(1) Noninterest-bearing(1)......................................... 6631 9,740,100 13.a1
(2) Interest-bearing............................................... 6636 12,423,564 13.a2

b. In foreign offices, Edge and Agreement subsidiaries, and........... RCFN
----
IBFs (from Schedule RC-E, part II)................................. 2200 19,273,426 13.b
(1) Noninterest bearing............................................ 6631 334,741 13.b1
(2) Interest-bearing............................................... 6636 18,938,685 13.b2
14. Federal funds purchased and securities sold
under agreements to repurchase:........................................ RCFD 2800 4,405,792 14
15. a. Demand notes issued to the U.S. Treasury........................... RCON 2840 173,505 15.a
b. Trading Liabilities(from Schedule RC-D)............................ RCFD 3548 4,824,567 15.b

16. Other borrowed money:.................................................. RCFD
----
a. With original maturity of one year or less......................... 2332 7,453,761 16.a
b. With original maturity of more than one year...................... A547 330,300 16.b
c. With original maturity of more than three years ................... A548 357,737 16.c

17. Not applicable
18. Bank's liability on acceptance executed and outstanding................ 2920 265,041 18.
19. Subordinated notes and debentures...................................... 3200 2,600,000 19.
20. Other liabilities (from Schedule RC-G)................................. 2930 1,878,367 20.
21. Total liabilities (sum of items 13 through 20)......................... 2948 63,726,160 21.
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus.......................... 3838 0 23.
24. Common stock........................................................... 3230 200,858 24.
25. Surplus (exclude all surplus related to preferred stock)............... 3839 3,239,836 25.
26. a. Undivided profits and capital reserves............................. 3632 1,813,367 26.a
b. Net unrealized holding gains (losses) on
available-for-sale securities...................................... 8434 (37,357) 26.b
c. Accumulated net gains (losses) on cash flow hedges................. 4336 0 26.c
27. Cumulative foreign currency translation adjustments.................... 3284 (2,454) 27.
28. Total equity capital (sum of items 23 through 27)...................... 3210 5,214,250 28.
29. Total liabilities, limited-life preferred stock, and
equity capital (sum of items 21, 22, and 28)........................... 3300 68,940,410 29.



Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that best
describes the most comprehensive level of auditing work performed for the
bank by independent external auditors as of any date during 1996
. . . . . . . . . . . . . . . . . . .RCFD 6724 N/A Number M.1.

1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank

2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified public
accounting firm which submits a report on the consolidated holding company
(but not on the bank separately)

3 = Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)

4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)

5 = Review of the bank's financial statements by external auditors

6 = Compilation of the bank's financial statements by external auditors

7 = Other audit procedures (excluding tax preparation work)

8 = No external audit work

- -----------------

(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.