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    <nameOfIssuer>3M</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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  <infoTable>
    <nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>2282</value>
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  <infoTable>
    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3234</value>
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  <infoTable>
    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>475</value>
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    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>1497</value>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>3251</value>
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    <nameOfIssuer>APACHE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037411105</cusip>
    <value>223</value>
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    <nameOfIssuer>APPLE COMPUTER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>35825</value>
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    <nameOfIssuer>BAKER HUGHES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>057224107</cusip>
    <value>1116</value>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>064058100</cusip>
    <value>748</value>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>060505104</cusip>
    <value>632</value>
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    <nameOfIssuer>BAXTER INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. "B"</nameOfIssuer>
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    <nameOfIssuer>BLACKROCK INC.</nameOfIssuer>
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    <value>416</value>
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    <value>5005</value>
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    <nameOfIssuer>BRISTOL-MYERS SQUIBB</nameOfIssuer>
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    <nameOfIssuer>CVS CAREMARK CORP.</nameOfIssuer>
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    <nameOfIssuer>CHEVRON TEXACO</nameOfIssuer>
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    <nameOfIssuer>CISCO SYSTEMS</nameOfIssuer>
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    <nameOfIssuer>CLOVIS</nameOfIssuer>
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    <value>361</value>
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    <nameOfIssuer>COCA COLA</nameOfIssuer>
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    <nameOfIssuer>COLGATE-PALMOLIVE COMPANY</nameOfIssuer>
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    </votingAuthority>
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    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
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    <value>972</value>
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    </votingAuthority>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>504</value>
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    </votingAuthority>
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    <nameOfIssuer>CUMMINS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>231021106</cusip>
    <value>775</value>
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    </votingAuthority>
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    <nameOfIssuer>CYTEC INDUSTRIES</nameOfIssuer>
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    <nameOfIssuer>DEERE &amp; COMPANY</nameOfIssuer>
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    <nameOfIssuer>DEVON ENERGY CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
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    </votingAuthority>
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    <nameOfIssuer>DUPONT DE NEMOURS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    </votingAuthority>
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    <nameOfIssuer>EMC CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>26864810</cusip>
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    </votingAuthority>
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    <nameOfIssuer>EMERSON CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>291011104</cusip>
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      <sshPrnamt>58600</sshPrnamt>
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    </votingAuthority>
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    <nameOfIssuer>ENTERPRISE PROSUCTS PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>293792107</cusip>
    <value>225</value>
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    <nameOfIssuer>EXXON MOBIL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30231G102</cusip>
    <value>8574</value>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
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    <cusip>31428X106</cusip>
    <value>1150</value>
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      <Sole>8000</Sole>
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    </votingAuthority>
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    <nameOfIssuer>FREEPORT-MCMORAN COPPER &amp; GOLD, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>35671D857</cusip>
    <value>611</value>
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    </votingAuthority>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>4180</value>
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    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>850</value>
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    <votingAuthority>
      <Sole>4800</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOOGLE, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38259P508</cusip>
    <value>1109</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1339</value>
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    <votingAuthority>
      <Sole>26400</Sole>
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      <None>0</None>
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    <nameOfIssuer>HOME DEPOT</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>502</value>
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    <votingAuthority>
      <Sole>6100</Sole>
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      <None>0</None>
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    <nameOfIssuer>HONEYWELL INTL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>438516106</cusip>
    <value>5036</value>
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    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>866</value>
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    <nameOfIssuer>INVESCO INTERNATIONAL GROWTH A</nameOfIssuer>
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    <votingAuthority>
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    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
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      <Sole>74640</Sole>
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    <nameOfIssuer>JACOBS ENGINEERING GROUP</nameOfIssuer>
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    <cusip>469814107</cusip>
    <value>629</value>
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    <votingAuthority>
      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>9609</value>
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      <Sole>104922</Sole>
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    <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
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    <cusip>494368103</cusip>
    <value>992</value>
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    <nameOfIssuer>KRAFT FOODS INC</nameOfIssuer>
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    <nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
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    <nameOfIssuer>LILLY (ELI) &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>765</value>
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      <None>0</None>
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    <nameOfIssuer>LOWES COMPANIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>673</value>
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    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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      <Sole>28200</Sole>
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      <None>0</None>
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    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>MIMEDX GROUP INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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      <None>0</None>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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    <value>492</value>
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    <nameOfIssuer>NESTLE S A SPONSORED ADR</nameOfIssuer>
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    <value>287</value>
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    <nameOfIssuer>NIKE INC.</nameOfIssuer>
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    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1848</value>
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    <nameOfIssuer>OAKTREE CAPITAL GROUP, LLC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>OPPENHEIMER INTERNATIONAL GROWTH C</nameOfIssuer>
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    <cusip>68380L308</cusip>
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    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>PALL CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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      <None>0</None>
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    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>PFIZER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>717081103</cusip>
    <value>1090</value>
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    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>718172109</cusip>
    <value>1202</value>
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    <nameOfIssuer>PRECISION CASTPARTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>740189105</cusip>
    <value>2315</value>
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      <Sole>8600</Sole>
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    <nameOfIssuer>PROCTER &amp; GAMBLE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>8232</value>
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      <Sole>101126</Sole>
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      <None>0</None>
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    <nameOfIssuer>QUALCOMM</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>3779</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>50900</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>4380</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48612</sshPrnamt>
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    <votingAuthority>
      <Sole>48612</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>578</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7700</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TJX COMPANIES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>872540109</cusip>
    <value>331</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>5200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TRINITY INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>896522109</cusip>
    <value>918</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16850</sshPrnamt>
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    <votingAuthority>
      <Sole>16850</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>907818108</cusip>
    <value>1617</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9625</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9625</Sole>
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    <nameOfIssuer>VIRTUS INSIGHT EMERGING MARKETS C</nameOfIssuer>
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    <nameOfIssuer>WELLS FARGO</nameOfIssuer>
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