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SINCE 1969

Cedar Glulams Featured

Seven double radius Alaska yellow cedar glulam beams will be exposed as an architectural feature in the Portland, Or., Matt Dishman Aquatic Center due for completion in July.

Colorful acoustical baffles highlight the exposed IO-314" x70-112" x 101'roof supports. Wood-Lam Structures, Inc., Portland, supplied the beams manufactured by Bohemia Glulam.

WOOD Moulding & Millwork Producers Associalion executive vice president and secretary Bernard Tomasko (far left) presents annual Wanen C. Jimerson Award of Excellence to Gayle Monison, founder and president of Sunset Moulding Co., Live Oak, Ca., at WMMPA's annual meeling Feb. 1 1-16 in Tucson, Az. Elected to the execulive committee were (lett to right) treasurer Ed Sturza, Ponderosa Mouldings; 2nd v.p. Sid Johnson, Nor-Cal Moulding; 1stv,p, Frank DeMott, Besl Moulding Corp.; pres. Bic Monison, Sunset Moulding Co.; immediate past pres. Dave Rix, Yuba River Moulding & Millwork, and Tomasko.

Payless Stock Offering Flops

Scuttled'by a lack of buyers, Payless Cashways Inc., Kansas City, Mo., cancelleda $405 millionmid-May stock offering.

Bob John, executive vice president of Kansas City based Mid-America Lumbermens Assn. said, "Originally Payless arurounced they would go public with a stock offering of 33.5 million shares at between $13 and $15 a share. After having no luck with Wall Street, Payless officials tried to disguise their rejected offering by lowering the initial price to $9 to $10, but increasing the number of shares offered to 45 million. According to local stockbrokers, the only people interested were Payless employees and Kansas City area investors who like to dabble in local stocks."

Payless, which went private in 1988 after a hostile takeover effort, expected the stock offering to help refinance the $ 1 .3 billion leveraged buyout. Cancelling the stock offering can be a severe blow to plans for new store expansion. Competitors suchas Home Depot, Builders Square and HomeBase are moving into many current Payless markets.

"It's anybody's guess (if Payless will be able to survive this setback), but theyhave good penetration in some areas," John explained. *The big question is can they compete against new, glitzy stores and will the industry remain strong enough for them to survive to try Wall Street again."

According to confidential sources at Payless, John said, ceo David Stanley is a financial guru, not a lumberman, and you can bet he will try again.