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 14 40,000 SH   SOLE   40,000 0 0
Kingmaker Footwear Holdings CS 649209905 38 120,000 SH   SOLE   120,000 0 0
NagaCorp Ltd CS b1fssm902 155 201,319 SH   SOLE   201,319 0 0
Restaurant Brands NZ Ltd CS 600298905 234 45,000 SH   SOLE   45,000 0 0
Westshore Terminals Investmen CS 96145a960 212 10,120 SH   SOLE   10,120 0 0
3M Corp. CS 88579Y101 1,481 6,292 SH   SOLE   6,292 0 0
A T & T CS 00206R102 593 15,255 SH   SOLE   15,255 0 0
AECOM Technology Corp CS 00766t100 1,016 27,350 SH   SOLE   27,350 0 0
AMN Healthcare Services CS 001744101 1,006 20,418 SH   SOLE   20,418 0 0
AbbVie Inc. CS 00287y109 438 4,533 SH   SOLE   4,533 0 0
Abbott Labs CS 002824100 1,303 22,827 SH   SOLE   22,827 0 0
Activision Blizzard CS 00507v109 370 5,850 SH   SOLE   5,850 0 0
Agilent CS 00846u101 780 11,650 SH   SOLE   11,650 0 0
Air Prod.& Chem. CS 009158106 1,173 7,150 SH   SOLE   7,150 0 0
Alaska Air CS 011659109 557 7,575 SH   SOLE   7,575 0 0
Alibaba CS 01609w102 393 2,277 SH   SOLE   2,277 0 0
Allergan CS g0177j108 241 1,475 SH   SOLE   1,475 0 0
AllianceBernstein Holdings CS 01881G106 1,986 79,278 SH   SOLE   79,278 0 0
Alphabet Inc Class A CS 02079k305 412 391 SH   SOLE   391 0 0
Alphabet Inc Class C CS 02079k107 775 741 SH   SOLE   741 0 0
Altria Group CS 02209S103 487 6,814 SH   SOLE   6,814 0 0
American Woodmark Corporation CS 030506109 374 2,875 SH   SOLE   2,875 0 0
Amgen CS 031162100 979 5,627 SH   SOLE   5,627 0 0
Analog Devices CS 032654105 1,949 21,892 SH   SOLE   21,892 0 0
Apple Computer CS 037833100 2,109 12,463 SH   SOLE   12,463 0 0
Astrazeneca CS 046353108 257 7,407 SH   SOLE   7,407 0 0
Atlas Air Worldwide CS 049164205 786 13,396 SH   SOLE   13,396 0 0
BB&T CS 054937107 1,675 33,690 SH   SOLE   33,690 0 0
Bank of NY Mellon CS 064058100 345 6,400 SH   SOLE   6,400 0 0
Bank of Nova Scotia CS 064149107 287 4,450 SH   SOLE   4,450 0 0
Berkshire Hathaway B CS 084670702 1,140 5,750 SH   SOLE   5,750 0 0
Blackrock CS 09247X101 244 475 SH   SOLE   475 0 0
Blackstone Mortgage Trust CS 09257w100 264 8,200 SH   SOLE   8,200 0 0
Boeing CS 097023105 869 2,945 SH   SOLE   2,945 0 0
Bristol Myers Squibb CS 110122108 1,389 22,667 SH   SOLE   22,667 0 0
Brookline Bancorp CS 11373m107 254 16,156 SH   SOLE   16,156 0 0
CSX Corp CS 126408103 1,393 25,323 SH   SOLE   25,323 0 0
Canadian Pacific CS 13645T100 578 3,165 SH   SOLE   3,165 0 0
Carnival Corp.-Cl A CS 143658300 2,054 30,950 SH   SOLE   30,950 0 0
Celgene CS 151020104 1,318 12,626 SH   SOLE   12,626 0 0
Century Bancorp CS 156432106 342 4,376 SH   SOLE   4,376 0 0
Church and Dwight CS 171340102 5,353 106,700 SH   SOLE   106,700 0 0
Cisco Systems CS 17275R102 2,688 70,175 SH   SOLE   70,175 0 0
Citigroup CS 172967424 321 4,320 SH   SOLE   4,320 0 0
Citizens Financial Group CS 174610105 709 16,900 SH   SOLE   16,900 0 0
Clorox Company CS 189054109 811 5,450 SH   SOLE   5,450 0 0
Coca-Cola CS 191216100 605 13,193 SH   SOLE   13,193 0 0
Colgate-Palmolive CS 194162103 219 2,900 SH   SOLE   2,900 0 0
Comcast Corp Cl A CS 20030n101 219 5,458 SH   SOLE   5,458 0 0
Costco Wholesale CS 22160K105 1,782 9,575 SH   SOLE   9,575 0 0
Countrywide Capital V 7.00 CS 222388209 317 12,000 SH   SOLE   12,000 0 0
Crane CS 224399105 1,320 14,800 SH   SOLE   14,800 0 0
Delta Airlines CS 247361702 918 16,391 SH   SOLE   16,391 0 0
DowDuPont Inc CS 26078j100 261 3,661 SH   SOLE   3,661 0 0
Dycom Industries CS 267475101 1,334 11,975 SH   SOLE   11,975 0 0
ETRADE Financial Corp CS 269246401 919 18,545 SH   SOLE   18,545 0 0
Eli Lilly CS 532457108 241 2,850 SH   SOLE   2,850 0 0
Emerson Electric CS 291011104 1,245 17,870 SH   SOLE   17,870 0 0
Estee Lauder CS 518439104 344 2,700 SH   SOLE   2,700 0 0
Expeditors Int'l of Washington CS 302130109 1,236 19,100 SH   SOLE   19,100 0 0
Exxon Mobil CS 30231G102 2,143 25,617 SH   SOLE   25,617 0 0
Facebook Inc CS 30303m102 272 1,540 SH   SOLE   1,540 0 0
Fifth Third Bank CS 316773100 692 22,800 SH   SOLE   22,800 0 0
Fiserv Inc. CS 337738108 215 1,638 SH   SOLE   1,638 0 0
Fortune Brands & Home Security CS 34964c106 527 7,700 SH   SOLE   7,700 0 0
Franklin Resources CS 354613101 1,713 39,540 SH   SOLE   39,540 0 0
General Dynamics CS 369550108 265 1,301 SH   SOLE   1,301 0 0
General Electric CS 369604103 1,436 82,293 SH   SOLE   82,293 0 0
General Motors CS 37045v100 884 21,575 SH   SOLE   21,575 0 0
Genesee and Wyoming CS 371559105 883 11,220 SH   SOLE   11,220 0 0
Gilead Sciences CS 375558103 1,340 18,705 SH   SOLE   18,705 0 0
GlaxoSmithKline CS 37733W105 319 9,006 SH   SOLE   9,006 0 0
HSBC Holdings Pfd A CS 404280604 256 9,900 SH   SOLE   9,900 0 0
Home Depot CS 437076102 720 3,799 SH   SOLE   3,799 0 0
Honeywell Int'l. CS 438516106 987 6,437 SH   SOLE   6,437 0 0
Independent Bank CS 453836108 2,051 29,365 SH   SOLE   29,365 0 0
Int'l Bus. Mach. CS 459200101 1,665 10,853 SH   SOLE   10,853 0 0
Intel CS 458140100 2,570 55,685 SH   SOLE   55,685 0 0
Johnson & Johnson CS 478160104 4,362 31,218 SH   SOLE   31,218 0 0
Kansas City So. CS 485170302 1,471 13,980 SH   SOLE   13,980 0 0
Kellogg CS 487836108 895 13,160 SH   SOLE   13,160 0 0
KeyCorp CS 493267108 1,026 50,845 SH   SOLE   50,845 0 0
Keysight Technologies CS 49338l103 220 5,280 SH   SOLE   5,280 0 0
Kimberly Clark CS 494368103 2,418 20,038 SH   SOLE   20,038 0 0
Kinder Morgan Inc CS 49456b101 187 10,337 SH   SOLE   10,337 0 0
Louisiana Pacific CS 546347105 1,093 41,620 SH   SOLE   41,620 0 0
M.D.C. Holdings, Inc. CS 552676108 1,098 34,430 SH   SOLE   34,430 0 0
Martin Marietta Materials, Inc CS 573284106 917 4,150 SH   SOLE   4,150 0 0
MaxLinear, Inc. CS 57776j100 762 28,850 SH   SOLE   28,850 0 0
McDonald's CS 580135101 580 3,367 SH   SOLE   3,367 0 0
Medtronic PLC CS g5960l103 1,254 15,528 SH   SOLE   15,528 0 0
Merck CS 58933y105 1,557 27,665 SH   SOLE   27,665 0 0
Microsoft CS 594918104 1,559 18,229 SH   SOLE   18,229 0 0
Mohawk Industries CS 608190104 731 2,650 SH   SOLE   2,650 0 0
Morgan Stanley CS 617446448 1,005 19,150 SH   SOLE   19,150 0 0
New York Community Bancorp CS 649445103 169 12,990 SH   SOLE   12,990 0 0
NextEra Energy Inc. CS 65339f101 219 1,400 SH   SOLE   1,400 0 0
Nike Inc Class B CS 654106103 1,258 20,110 SH   SOLE   20,110 0 0
Northrop Grumman CS 666807102 368 1,200 SH   SOLE   1,200 0 0
Novartis AG ADS CS 66987V109 290 3,455 SH   SOLE   3,455 0 0
Oracle CS 68389X105 440 9,300 SH   SOLE   9,300 0 0
PPG Industries CS 693506107 1,596 13,663 SH   SOLE   13,663 0 0
Patterson Companies CS 703395103 213 5,900 SH   SOLE   5,900 0 0
PayPal CS 70450y103 1,352 18,371 SH   SOLE   18,371 0 0
Pentair CS g7s00t104 644 9,125 SH   SOLE   9,125 0 0
Pepsico CS 713448108 817 6,812 SH   SOLE   6,812 0 0
Pfizer CS 717081103 2,012 55,556 SH   SOLE   55,556 0 0
Ply Gem Holdings Inc CS 72941w100 1,268 68,531 SH   SOLE   68,531 0 0
Procter & Gamble CS 742718109 1,426 15,521 SH   SOLE   15,521 0 0
Prosperity Bancshares, Inc. CS 743606105 2,322 33,134 SH   SOLE   33,134 0 0
Prudential Financial CS 744320102 705 6,135 SH   SOLE   6,135 0 0
Quanta Services CS 74762e102 902 23,075 SH   SOLE   23,075 0 0
Regions Financial CS 7591EP100 1,557 90,115 SH   SOLE   90,115 0 0
Restaurant Brands Int'l CS 76131d103 484 7,877 SH   SOLE   7,877 0 0
Roche Holdings Ltd CS 771195104 829 26,257 SH   SOLE   26,257 0 0
Rockwell Collins CS 774341101 756 5,575 SH   SOLE   5,575 0 0
Rollins CS 775711104 400 8,600 SH   SOLE   8,600 0 0
Royal Dutch CS 780259206 225 3,370 SH   SOLE   3,370 0 0
Schlumberger CS 806857108 614 9,111 SH   SOLE   9,111 0 0
Seagate Technology PC CS g7945m107 205 4,900 SH   SOLE   4,900 0 0
Sensata Technologies Holding N CS n7902x106 491 9,600 SH   SOLE   9,600 0 0
Sherwin-Williams CS 824348106 205 500 SH   SOLE   500 0 0
Shire PLC CS 82481r106 233 1,500 SH   SOLE   1,500 0 0
Snap-On Tools CS 833034101 715 4,100 SH   SOLE   4,100 0 0
Starbucks CS 855244109 1,062 18,500 SH   SOLE   18,500 0 0
Summit Materials Inc CS 86614u100 482 15,318 SH   SOLE   15,318 0 0
SunTrust Banks CS 867914103 723 11,200 SH   SOLE   11,200 0 0
Symantec CS 871503108 810 28,850 SH   SOLE   28,850 0 0
Sysco Corp CS 871829107 431 7,100 SH   SOLE   7,100 0 0
Target CS 87612E106 242 3,716 SH   SOLE   3,716 0 0
Terex CS 880779103 818 16,960 SH   SOLE   16,960 0 0
Textron CS 883203101 342 6,050 SH   SOLE   6,050 0 0
The FRS Company CS aci076053 0 114,324 SH   SOLE   114,324 0 0
The Gap Inc. CS 364760108 297 8,725 SH   SOLE   8,725 0 0
UPS CS 911312106 1,451 12,175 SH   SOLE   12,175 0 0
Union Pacific CS 907818108 786 5,864 SH   SOLE   5,864 0 0
United Continental Holdings CS 910047109 627 9,300 SH   SOLE   9,300 0 0
United Rentals, Inc. CS 911363109 1,445 8,406 SH   SOLE   8,406 0 0
United Technologies CS 913017109 1,244 9,748 SH   SOLE   9,748 0 0
Valmont Industries CS 920253101 510 3,075 SH   SOLE   3,075 0 0
Vulcan Materials CS 929160109 308 2,400 SH   SOLE   2,400 0 0
W.P. Carey & Co. CS 92936u109 338 4,909 SH   SOLE   4,909 0 0
W.W. Grainger, Inc CS 384802104 307 1,300 SH   SOLE   1,300 0 0
Walmart Inc. CS 931142103 270 2,737 SH   SOLE   2,737 0 0
Walt Disney CS 254687106 1,678 15,604 SH   SOLE   15,604 0 0
Washington Trust CS 940610108 3,954 74,259 SH   SOLE   74,259 0 0
Waste Management Inc. CS 94106l109 332 3,850 SH   SOLE   3,850 0 0
Wells Fargo CS 949746101 2,139 35,260 SH   SOLE   35,260 0 0
Weyerhaeuser CS 962166104 490 13,900 SH   SOLE   13,900 0 0
WisdomTree Financial CS 97717p104 1,020 81,300 SH   SOLE   81,300 0 0
Xilinx Corp CS 983919101 276 4,100 SH   SOLE   4,100 0 0
Zoetis Inc CS 98978v103 1,464 20,323 SH   SOLE   20,323 0 0