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    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
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    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
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    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>263</value>
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    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>ALLERGAN, INC.</nameOfIssuer>
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    <nameOfIssuer>ALPHABET INC. CLASS A</nameOfIssuer>
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    <nameOfIssuer>ALPHABET INC. CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>966</value>
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    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
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    <nameOfIssuer>AMERICAN FUNDAMENTAL INVESTORS CL A</nameOfIssuer>
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    <value>530</value>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. B</nameOfIssuer>
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    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO.</nameOfIssuer>
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    <nameOfIssuer>CVS HEALTH CORPORATION</nameOfIssuer>
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    <nameOfIssuer>CISCO SYSTEMS INC.</nameOfIssuer>
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    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
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    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
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    <nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
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    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
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    <nameOfIssuer>DOW INC.</nameOfIssuer>
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    <nameOfIssuer>DUPONT de NEMOURS INC.</nameOfIssuer>
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    <nameOfIssuer>ELEMENT SOLUTIONS INC.</nameOfIssuer>
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    <nameOfIssuer>EMERSON ELEC CO.</nameOfIssuer>
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    <nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC.</nameOfIssuer>
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    </votingAuthority>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
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    </votingAuthority>
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    <nameOfIssuer>HONEYWELL INTL INC.</nameOfIssuer>
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      <Sole>44675</Sole>
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      <None>0</None>
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    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
    <value>4494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34680</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34680</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>2359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16222</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16222</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>458140100</cusip>
    <value>1466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28458</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28458</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46625H100</cusip>
    <value>7291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61951</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61951</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>478160104</cusip>
    <value>10749</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83085</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83085</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KINDER MORGAN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>49456B101</cusip>
    <value>2223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>107866</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>L3 HARRIS TECHNOLOGIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502413109</cusip>
    <value>2146</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10288</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10288</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LOWES COMPANIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>1517</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>580135101</cusip>
    <value>4341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20218</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20218</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MEDTRONIC PLC SHS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>305</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2813</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2813</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>594918104</cusip>
    <value>8633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62096</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62096</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONDELEZ INTERNATIONAL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>609207105</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>617446448</cusip>
    <value>299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7016</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7016</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>6010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>655844108</cusip>
    <value>3179</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1555</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68389X105</cusip>
    <value>3175</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>57700</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>713448108</cusip>
    <value>2953</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21546</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21546</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>PFIZER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>717081103</cusip>
    <value>899</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25033</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25033</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>7717</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>2936</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>964</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28223</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28223</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNTRUST BANKS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>867914103</cusip>
    <value>275</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>907818108</cusip>
    <value>2031</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12540</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED HEALTHCARE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>910581107</cusip>
    <value>804</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3704</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3704</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28211</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28211</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911363109</cusip>
    <value>997</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD EMERGING MARKETS ETF</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>922042858</cusip>
    <value>1303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32382</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32382</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1597</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26463</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26463</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W308</cusip>
    <value>356</value>
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      <sshPrnamt>17894</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17894</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>10863</value>
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      <sshPrnamt>48667</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48667</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XYLEM, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>98419M100</cusip>
    <value>636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7992</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7992</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
