The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Huadian Power International C CS 614278901 15 40,000 SH   SOLE   40,000 0 0
Kingmaker Footwear Holdings CS 649209905 18 120,000 SH   SOLE   120,000 0 0
Restaurant Brands NZ Ltd CS 600298905 319 45,000 SH   SOLE   45,000 0 0
Westshore Terminals Investmen CS 96145a960 156 10,120 SH   SOLE   10,120 0 0
3M Corp. CS 88579Y101 969 5,895 SH   SOLE   5,895 0 0
A T & T CS 00206R102 469 12,395 SH   SOLE   12,395 0 0
AMN Healthcare Services CS 001744101 515 8,955 SH   SOLE   8,955 0 0
AbbVie Inc. CS 00287y109 896 11,830 SH   SOLE   11,830 0 0
Abbott Labs CS 002824100 2,107 25,178 SH   SOLE   25,178 0 0
Activision Blizzard CS 00507v109 470 8,875 SH   SOLE   8,875 0 0
Advanced Micro Devices CS 007903107 574 19,800 SH   SOLE   19,800 0 0
Air Prod.& Chem. CS 009158106 488 2,200 SH   SOLE   2,200 0 0
Alexandria Real Estate CS 015271109 453 2,942 SH   SOLE   2,942 0 0
Allstate CS 020002101 217 2,000 SH   SOLE   2,000 0 0
Ally Financial CS 02005n100 330 9,950 SH   SOLE   9,950 0 0
Alphabet Inc Class A CS 02079k305 1,170 958 SH   SOLE   958 0 0
Alphabet Inc Class C CS 02079k107 873 716 SH   SOLE   716 0 0
Amazon, Inc. CS 023135106 502 289 SH   SOLE   289 0 0
American Airlines Group Inc. CS 02376r102 259 9,612 SH   SOLE   9,612 0 0
Analog Devices CS 032654105 682 6,100 SH   SOLE   6,100 0 0
Apple Computer CS 037833100 2,477 11,059 SH   SOLE   11,059 0 0
Astrazeneca CS 046353108 263 5,907 SH   SOLE   5,907 0 0
BB&T CS 054937107 847 15,875 SH   SOLE   15,875 0 0
Ball CS 058498106 619 8,497 SH   SOLE   8,497 0 0
Berkshire Hathaway B CS 084670702 1,438 6,911 SH   SOLE   6,911 0 0
Bio Telemetry, Inc. CS 090672106 476 11,675 SH   SOLE   11,675 0 0
Blackstone Mortgage Trust CS 09257w100 1,127 31,450 SH   SOLE   31,450 0 0
Boeing CS 097023105 1,269 3,335 SH   SOLE   3,335 0 0
Bristol Myers Squibb CS 110122108 1,658 32,687 SH   SOLE   32,687 0 0
C.V.S. Caremark CS 126650100 1,766 28,000 SH   SOLE   28,000 0 0
CBS CS 124857202 363 9,000 SH   SOLE   9,000 0 0
CME Group CS 12572q105 714 3,380 SH   SOLE   3,380 0 0
CSX Corp CS 126408103 1,682 24,275 SH   SOLE   24,275 0 0
Cabot Oil & Gas CS 127097103 188 10,700 SH   SOLE   10,700 0 0
Cadence Design Systems, Inc. CS 127387108 230 3,475 SH   SOLE   3,475 0 0
Carnival Corp.-Cl A CS 143658300 1,120 25,618 SH   SOLE   25,618 0 0
Century Bancorp CS 156432106 425 4,849 SH   SOLE   4,849 0 0
Charles River Laboratories CS 159864107 890 6,725 SH   SOLE   6,725 0 0
Chegg, Inc. CS 163092109 443 14,800 SH   SOLE   14,800 0 0
Cheniere Energy, Inc. CS 16411r208 530 8,400 SH   SOLE   8,400 0 0
Church and Dwight CS 171340102 5,777 76,775 SH   SOLE   76,775 0 0
Ciena Corporation CS 171779309 766 19,530 SH   SOLE   19,530 0 0
Cisco Systems CS 17275R102 4,257 86,150 SH   SOLE   86,150 0 0
Citizens Financial Group CS 174610105 582 16,445 SH   SOLE   16,445 0 0
Citrix Systems CS 177376100 200 2,075 SH   SOLE   2,075 0 0
Clorox Company CS 189054109 1,287 8,475 SH   SOLE   8,475 0 0
Coca-Cola CS 191216100 2,250 41,325 SH   SOLE   41,325 0 0
Colgate-Palmolive CS 194162103 661 8,988 SH   SOLE   8,988 0 0
Comcast Corp Cl A CS 20030n101 300 6,646 SH   SOLE   6,646 0 0
ConAgra Foods CS 205887102 821 26,750 SH   SOLE   26,750 0 0
CoreSite Realty Corporation CS 21870Q105 612 5,021 SH   SOLE   5,021 0 0
Darden Restaurants CS 237194105 629 5,323 SH   SOLE   5,323 0 0
Delta Airlines CS 247361702 1,310 22,740 SH   SOLE   22,740 0 0
Digital Realty Trust CS 253868103 1,268 9,768 SH   SOLE   9,768 0 0
Elanco Animal Health CS 28414h103 840 31,600 SH   SOLE   31,600 0 0
Electronic Arts CS 285512109 570 5,825 SH   SOLE   5,825 0 0
Eli Lilly CS 532457108 1,437 12,850 SH   SOLE   12,850 0 0
Emerson Electric CS 291011104 547 8,183 SH   SOLE   8,183 0 0
Estee Lauder CS 518439104 830 4,170 SH   SOLE   4,170 0 0
Exxon Mobil CS 30231G102 1,784 25,261 SH   SOLE   25,261 0 0
Facebook Inc CS 30303m102 935 5,250 SH   SOLE   5,250 0 0
FedEx CS 31428X106 491 3,370 SH   SOLE   3,370 0 0
Fifth Third Bank CS 316773100 1,002 36,600 SH   SOLE   36,600 0 0
Foot Locker, Inc. CS 344849104 905 20,975 SH   SOLE   20,975 0 0
Fortune Brands & Home Security CS 34964c106 421 7,700 SH   SOLE   7,700 0 0
Fox Corp CS 35137l204 792 25,100 SH   SOLE   25,100 0 0
Freeport McMoran CS 35671D857 217 22,650 SH   SOLE   22,650 0 0
General Electric CS 369604103 272 30,388 SH   SOLE   30,388 0 0
General Mills CS 370334104 745 13,525 SH   SOLE   13,525 0 0
Gilead Sciences CS 375558103 595 9,380 SH   SOLE   9,380 0 0
GlaxoSmithKline CS 37733W105 482 11,300 SH   SOLE   11,300 0 0
HSBC Holdings Pfd A CS 404280604 255 9,700 SH   SOLE   9,700 0 0
Heico Corp CS 422806109 365 2,925 SH   SOLE   2,925 0 0
Hilton Hotels CS 432848109 405 4,350 SH   SOLE   4,350 0 0
Home Depot CS 437076102 1,067 4,599 SH   SOLE   4,599 0 0
Honeywell Int'l. CS 438516106 1,334 7,887 SH   SOLE   7,887 0 0
Hyatt Hotels Corp CS 448579102 249 3,375 SH   SOLE   3,375 0 0
Independent Bank CS 453836108 1,197 16,033 SH   SOLE   16,033 0 0
Int'l Bus. Mach. CS 459200101 1,373 9,440 SH   SOLE   9,440 0 0
Int'l Flvrs & Frag. CS 459506101 1,132 9,225 SH   SOLE   9,225 0 0
Intel CS 458140100 3,177 61,662 SH   SOLE   61,662 0 0
Intuit Inc. CS 461202103 226 850 SH   SOLE   850 0 0
J.P. Morgan Chase CS 46625H100 325 2,758 SH   SOLE   2,758 0 0
Johnson & Johnson CS 478160104 4,493 34,727 SH   SOLE   34,727 0 0
Juniper CS 48203R104 598 24,150 SH   SOLE   24,150 0 0
Kansas City So. CS 485170302 493 3,707 SH   SOLE   3,707 0 0
Kellogg CS 487836108 1,016 15,793 SH   SOLE   15,793 0 0
Kimberly Clark CS 494368103 2,953 20,788 SH   SOLE   20,788 0 0
Knight Swift Transportation CS 499049104 272 7,500 SH   SOLE   7,500 0 0
L3Harris Technologies CS 502431109 913 4,375 SH   SOLE   4,375 0 0
Lennar CS 526057104 1,057 18,925 SH   SOLE   18,925 0 0
MSCI Inc. CS 55354G100 267 1,225 SH   SOLE   1,225 0 0
Marathon Petroleum CS 56585a102 636 10,475 SH   SOLE   10,475 0 0
Marvell Technologies CS G5876H105 280 11,200 SH   SOLE   11,200 0 0
Masco Corp CS 574599106 248 5,950 SH   SOLE   5,950 0 0
McDonald's CS 580135101 723 3,367 SH   SOLE   3,367 0 0
Medtronic PLC CS g5960l103 787 7,250 SH   SOLE   7,250 0 0
Merck CS 58933y105 1,961 23,295 SH   SOLE   23,295 0 0
MetLife CS 59156R108 894 18,950 SH   SOLE   18,950 0 0
Microsoft CS 594918104 2,048 14,734 SH   SOLE   14,734 0 0
Mohawk Industries CS 608190104 344 2,775 SH   SOLE   2,775 0 0
Morgan Stanley CS 617446448 485 11,375 SH   SOLE   11,375 0 0
Nike Inc Class B CS 654106103 1,403 14,935 SH   SOLE   14,935 0 0
Oracle CS 68389X105 248 4,500 SH   SOLE   4,500 0 0
Oshkosh Corp CS 688239201 849 11,200 SH   SOLE   11,200 0 0
PNC Financial CS 693475105 308 2,200 SH   SOLE   2,200 0 0
PPG Industries CS 693506107 458 3,865 SH   SOLE   3,865 0 0
PRA Health Sciences, Inc. CS 69354m108 707 7,121 SH   SOLE   7,121 0 0
Packaging Corp of America CS 695156109 1,294 12,200 SH   SOLE   12,200 0 0
Parker Hannifin CS 701094104 638 3,535 SH   SOLE   3,535 0 0
Penumbra, Inc. CS 70975L107 306 2,275 SH   SOLE   2,275 0 0
Pepsico CS 713448108 814 5,938 SH   SOLE   5,938 0 0
Pfizer CS 717081103 1,986 55,284 SH   SOLE   55,284 0 0
Procter & Gamble CS 742718109 1,682 13,526 SH   SOLE   13,526 0 0
Prosperity Bancshares, Inc. CS 743606105 1,077 15,250 SH   SOLE   15,250 0 0
Quaker Chemical CS 747316107 405 2,563 SH   SOLE   2,563 0 0
Raytheon CS 755111507 275 1,400 SH   SOLE   1,400 0 0
Restaurant Brands Int'l CS 76131d103 1,322 18,587 SH   SOLE   18,587 0 0
Roche Holdings Ltd CS 771195104 696 19,107 SH   SOLE   19,107 0 0
Ryder System, Inc. CS 783549108 466 9,000 SH   SOLE   9,000 0 0
SVB Financial Group CS 78486q101 214 1,025 SH   SOLE   1,025 0 0
Salesforce.com CS 79466l302 649 4,370 SH   SOLE   4,370 0 0
Schlumberger CS 806857108 300 8,774 SH   SOLE   8,774 0 0
Sherwin-Williams CS 824348106 247 450 SH   SOLE   450 0 0
Splunk CS 848637104 259 2,200 SH   SOLE   2,200 0 0
Starbucks CS 855244109 606 6,850 SH   SOLE   6,850 0 0
State Street CS 857477103 363 6,130 SH   SOLE   6,130 0 0
SunTrust Banks CS 867914103 791 11,490 SH   SOLE   11,490 0 0
Sysco Corp CS 871829107 921 11,604 SH   SOLE   11,604 0 0
T-Mobile US, Inc. CS 872590104 282 3,575 SH   SOLE   3,575 0 0
Tellurian CS 87968a104 91 11,000 SH   SOLE   11,000 0 0
Terex CS 880779103 465 17,900 SH   SOLE   17,900 0 0
The FRS Company CS aci076053 0 114,324 SH   SOLE   114,324 0 0
Thermo Fisher Scientific Inc. CS 883556102 481 1,650 SH   SOLE   1,650 0 0
Toll Brothers CS 889478103 388 9,450 SH   SOLE   9,450 0 0
Trinity Industries CS 896522109 640 32,500 SH   SOLE   32,500 0 0
Tyson Foods CS 902494103 948 11,000 SH   SOLE   11,000 0 0
UPS CS 911312106 1,719 14,350 SH   SOLE   14,350 0 0
Union Pacific CS 907818108 640 3,949 SH   SOLE   3,949 0 0
United Airlines Holdings, Inc. CS 910047109 1,007 11,390 SH   SOLE   11,390 0 0
United Healthcare CS 91324P102 717 3,300 SH   SOLE   3,300 0 0
United Rentals, Inc. CS 911363109 1,114 8,939 SH   SOLE   8,939 0 0
United Technologies CS 913017109 1,101 8,065 SH   SOLE   8,065 0 0
Veeva Systems Inc CS 922475108 275 1,800 SH   SOLE   1,800 0 0
Verizon Comm. CS 92343V104 1,471 24,370 SH   SOLE   24,370 0 0
Vertex Pharmaceuticals CS 92532F100 462 2,725 SH   SOLE   2,725 0 0
Viavi Solutions CS 925550105 158 11,250 SH   SOLE   11,250 0 0
Virtu Financial, Inc. CS 928254101 781 47,718 SH   SOLE   47,718 0 0
Visa CS 92826c839 492 2,862 SH   SOLE   2,862 0 0
Walmart Inc. CS 931142103 328 2,762 SH   SOLE   2,762 0 0
Walt Disney CS 254687106 2,793 21,430 SH   SOLE   21,430 0 0
Washington Trust CS 940610108 3,440 71,198 SH   SOLE   71,198 0 0
Waste Management Inc. CS 94106l109 397 3,450 SH   SOLE   3,450 0 0
Wells Fargo CS 949746101 583 11,550 SH   SOLE   11,550 0 0
Weyerhaeuser CS 962166104 445 16,050 SH   SOLE   16,050 0 0
Xylem Inc CS 98419m100 207 2,600 SH   SOLE   2,600 0 0
Zoetis Inc CS 98978v103 2,189 17,573 SH   SOLE   17,573 0 0