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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>2266</value>
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  <infoTable>
    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3137</value>
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    <votingAuthority>
      <Sole>61050</Sole>
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  <infoTable>
    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>505</value>
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    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02209S103</cusip>
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      <Sole>13600</Sole>
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  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>1485</value>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>3515</value>
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    <nameOfIssuer>APACHE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037411105</cusip>
    <value>215</value>
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      <sshPrnamt>2600</sshPrnamt>
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      <Sole>2600</Sole>
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    <nameOfIssuer>APPLE COMPUTER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>34284</value>
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      <None>0</None>
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    <nameOfIssuer>BAKER HUGHES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>057224107</cusip>
    <value>1313</value>
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    <votingAuthority>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>064058100</cusip>
    <value>755</value>
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      <None>0</None>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>060505104</cusip>
    <value>698</value>
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    <titleOfClass>Common Stock</titleOfClass>
    <cusip>071813109</cusip>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. "B"</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>BLACKROCK INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>287</value>
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    <votingAuthority>
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    </votingAuthority>
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    <nameOfIssuer>BOEING CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>4739</value>
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    <nameOfIssuer>BRISTOL-MYERS SQUIBB</nameOfIssuer>
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    <nameOfIssuer>CVS CAREMARK CORP.</nameOfIssuer>
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    <nameOfIssuer>CISCO SYSTEMS</nameOfIssuer>
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    <nameOfIssuer>CLOVIS</nameOfIssuer>
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    <value>415</value>
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    <votingAuthority>
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    <nameOfIssuer>COCA COLA</nameOfIssuer>
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    <value>3457</value>
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    </votingAuthority>
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    <nameOfIssuer>COLGATE-PALMOLIVE COMPANY</nameOfIssuer>
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    <cusip>194162103</cusip>
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    </votingAuthority>
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    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
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    <value>897</value>
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    </votingAuthority>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>589</value>
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    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COSTCO</nameOfIssuer>
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    <value>524</value>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CUMMINS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>231021106</cusip>
    <value>819</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CYTEC INDUSTRIES</nameOfIssuer>
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    <cusip>232820100</cusip>
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    <nameOfIssuer>DEERE &amp; COMPANY</nameOfIssuer>
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    <value>608</value>
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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>
    <titleOfClass>Common Stock</titleOfClass>
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    </votingAuthority>
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    <nameOfIssuer>DUPONT DE NEMOURS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1896</value>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>EMC CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>26864810</cusip>
    <value>416</value>
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    </votingAuthority>
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    <nameOfIssuer>EMERSON CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>3887</value>
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    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ENTERPRISE PROSUCTS PARTNERS L.P.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>293792107</cusip>
    <value>235</value>
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    </votingAuthority>
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    <nameOfIssuer>EXXON MOBIL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30231G102</cusip>
    <value>8217</value>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1060</value>
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      <sshPrnamt>8000</sshPrnamt>
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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>535</value>
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      <sshPrnamt>16200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>16200</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>3843</value>
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      <sshPrnamt>148437</sshPrnamt>
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    <titleOfClass>Common Stock</titleOfClass>
    <cusip>375558103</cusip>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>GOLDMAN SACHS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>786</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>1214</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>
    <cusip>406216101</cusip>
    <value>1554</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>482</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>5085</value>
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    <votingAuthority>
      <Sole>54825</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>3029</value>
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      <Sole>21230</Sole>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>5683</value>
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      <Sole>29528</Sole>
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      <None>0</None>
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    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>458140100</cusip>
    <value>823</value>
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      <sshPrnamt>31900</sshPrnamt>
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    <votingAuthority>
      <Sole>31900</Sole>
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      <None>0</None>
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    <nameOfIssuer>INVESCO INTERNATIONAL GROWTH A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>008882102</cusip>
    <value>346</value>
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    <votingAuthority>
      <Sole>10194</Sole>
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      <None>0</None>
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    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46625H100</cusip>
    <value>4513</value>
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      <Sole>74340</Sole>
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    <nameOfIssuer>JACOBS ENGINEERING GROUP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>469814107</cusip>
    <value>635</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>
    <cusip>478160104</cusip>
    <value>10277</value>
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      <Sole>104622</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>494368103</cusip>
    <value>1047</value>
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    <nameOfIssuer>KNOWLES CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>49926D109</cusip>
    <value>399</value>
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    <nameOfIssuer>KRAFT FOODS INC</nameOfIssuer>
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    <value>532</value>
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    <nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502424104</cusip>
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      <None>0</None>
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    <nameOfIssuer>LILLY (ELI) &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>532457108</cusip>
    <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>665</value>
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      <None>0</None>
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    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
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    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>MIMEDX GROUP INC</nameOfIssuer>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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    <cusip>617446448</cusip>
    <value>526</value>
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    <nameOfIssuer>NESTLE S A SPONSORED ADR</nameOfIssuer>
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    <value>293</value>
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    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1933</value>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1904</value>
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    <nameOfIssuer>OAKTREE CAPITAL GROUP, LLC</nameOfIssuer>
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    <cusip>674001201</cusip>
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    <nameOfIssuer>OPPENHEIMER INTERNATIONAL GROWTH C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <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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    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>2339</value>
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    <nameOfIssuer>PFIZER</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>717081103</cusip>
    <value>1108</value>
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      <sshPrnamt>34500</sshPrnamt>
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    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>718172109</cusip>
    <value>1129</value>
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      <sshPrnamt>13800</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>PRECISION CASTPARTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>740189105</cusip>
    <value>2173</value>
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      <sshPrnamt>8600</sshPrnamt>
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      <Sole>8600</Sole>
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      <None>0</None>
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    <nameOfIssuer>PROCTER &amp; GAMBLE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>8142</value>
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      <Sole>101026</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>QUALCOMM</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>4013</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50900</sshPrnamt>
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      <Sole>50900</Sole>
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      <None>0</None>
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    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>4739</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48612</sshPrnamt>
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      <Sole>48612</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
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      <Sole>7500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TJX COMPANIES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>872540109</cusip>
    <value>315</value>
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      <sshPrnamt>5200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5200</Sole>
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    <nameOfIssuer>THIRD POINT REINSURANCE LTD.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G8827U100</cusip>
    <value>255</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16100</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TRINITY INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>896522109</cusip>
    <value>1214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>907818108</cusip>
    <value>1806</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38150</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92343V104</cusip>
    <value>601</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VIRTUS INSIGHT EMERGING MARKETS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92828T806</cusip>
    <value>173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W209</cusip>
    <value>850</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23115</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>6407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WATTS WATER TECHNOLOGIES</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>942749102</cusip>
    <value>2230</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WELLS FARGO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30226D106</cusip>
    <value>1755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
