Oprion to Blyrh & Co. in Huge Purchose

Portland, Ore.-B11.th & Co., the u'ell-knorvn investment house, has been granted permission to negotiate rvith the major stockholders of Dant & Russell, Inc., and Coos lJav Lumber Company for the purchase of their holdings in the trvo firms.

I)&R's u'orld-rvide business in lumber, plyrvood, hardboard, insulating board and shipping has been estimatecl at $100 million annually; The Oregon Journal estimates Coos Bay's annual sales at $25 million. The Coos Bay directors have offered to sell up to 42/o ol its stock to Blyth & Co. in addition to that 'ivhich u'ould be accluired through purchase of Dant & Russe1l, rvhich on'ns about 45/o of Coos Bay Lumber Co., the Journal said.

Checking a report that Blyth \\ras representing the \\'. R. Grace & Co., steamsl-rip line, the Journal r,vas told by the Grace office in Nerv York this was not correct.

In a front-page article February D, The Portland Oregonian said:

\{ajor stockholders of Dant & Russell, fnc., rvorld-rvide lurnber and shipping firm, and Coos Bay Lumber Con"rpan1., one of the Pacific coast's largest logging-lumber-plyu-oocl operations, have agreed to option their shares for purchase by the investment firn.r of Blyth & Co., Inc. The cleal inr-olves u'eli over $100,000,000.

Principals in the transaction are to meet X{arch 1 in San Francisco to formalize the option agreements u'hich rvill grant Blyth until June 28 to decide n'hether it rvill go ahead ri'ith its proposal. There appearcd little likelihood that arry hitches 'rvould develop in the closing.

The purchase u,ould be one of the largest recent corporate transactions affecting tl.re lurnber industrl'. The nervs ltroke

Uncle Som Bunyon

Logging booms in the federal forests are expected this year rvith Uncle Sam now willing to sell all the timber he can without endangering steady yield, reports The Wall Street Journal. In past years, cutting was kept rvell below this level. The fast-growing newsprint and lumber industries are gobbling up the bigger supply and the U. S. government may realize over $100 million from timber sales in the year ending June 30, up $30 million frorn as recently as 1949-50.

39th SCRTA Convention Will Climox Most Successful Yecrr

Ser-eral important ueu' features, an Llntlsually varied list of speakers, and some stimulating acldecl business sessiot.ts t'ill mark the 39th annual mecting and trade shou. of the Southern California Retail Lumber Association this spring. The SoCal dealers'big shou. of the year l,ill again be staged at the Ambassador hotel ; tl're dates : April 17, 18 ar-rd 19.

One of the added starters this year n.ill be a "Little Theatre" for the shon'ing of pictures featuring modern merchandising and handling equipment. Arrother n.ill bc a "Breakfast Clinic" for retailers ; this is in addition to the ever-popular "Oldtimers' Breakfast" and both rvill be devoted to dealer discussion; the "harn nnd--" sessions rvill be on separate mornings. The annual Open House for as a surprise in the tracle u'here Dant ct liusscll, n,rn' 52 years old, and Coos JSay:rre among thc most rcspectecl lrttsi'ess operatior-rs' Dant Affirms plan

'Ihomas W. Dant, president of the Dant family-controlled firm founded by his father, the late Charles Ir). Dant, tolcl The Oregor-rian the optiou agreement cor-rtet'nplates sale r>[ entire holdings, the lumller merchandising organization which reaches to South Africa and Arrstralia and across thc United States, three shipping companies in l'orld trade ar.rcl all interests in u'holly or partly orvned subsidiaries such as Fir-Tex, Inc., and Coast Pacific Lumber Company.

Blyth's offer n.as clarified by James F. Miller, vice-president and resident manager for the invcstment house, or-re of the nation's largest. It had been presumed Blvth lvas buying control for another part|, but Miller said this u,as not true.

"If n'e buy Dant & Russell and the Coos Bay Lttmber Cornpany stock u'e'll buy it for oursclves," Miller told The Oregor-rian. He said Blyth might operate the properties or might later sell the stock. But he emphasized, "It is our intent to operate them ourselves."

This u'ould be a departure from the nnderrvriting cor.r.rpanv's past operations. Founded in San Francisco in 1914, it norv has olfices acr()ss the nzrtion and headquarters in Neu' York City and San !-rancisco ancl its principal interest has been undenvriting of bond issues.

Letter Breaks News the clealers, their ptrrchzrsing agents, employes ancl invited guests to previel' tl're outstanclirrg cxhiltits u,ill bc tlre first er.ening, April 17.

First details \\'ere revealed by G. It. Birklund, Chicago. chairman of the board for Coos llay, in a letter to his stockholders. He aclvised the minority interests-about l3/c of the outstanding shares-that Dant & Russell, tvhich hcids 45/o of the Coos Bay shares, and directors and associates of the coast lumber company ...rth 42/o. had entered into tl-re option agreement rvith Blyth. This contemplated acquisition of all or 80/o of the Coos Bay firm for $305 per share and the same percentage of Dant & Russell.

Details of the proposai to the Dant ct Itussell shareholders, principally the l)ant family, were not disclosed. The majoritv interest is held by the fonnder's n'indou', NIabelle Dant, and her three sons, Thomas W. and Jack IL. o[ Portlan<1. and llobert Ii., non' residing in California. A ferv shares arc also held lry some of thc 700 enrployes.

In addition to these events, the jampacked convention program will include three luncheon meetings, the annual night banquet and dinner-dance and, of course, enough free time for the hospitality-room visits and study of the displays which offer Southland dealers plenty new profit-making opportunities.

The 1955-56 SCRLA president, Wayne F. N'Iullin; Executir.e Vice-President Orrie W. Hamilton, the oflicers ancl board of the association have gathered up a stellar stable of industry leaders to address the business sessions on which Nlanager Hamilton has been'il'orking many months for the success of the 39th convention. Thef include:

Dr. Fred Dickinson. director. Forest Proclrrcts Labora(Continuecl on Page 76)