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    <nameOfIssuer>3M COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>5464</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>30600</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>2145</value>
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      <Sole>55850</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>3525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56300</sshPrnamt>
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    <votingAuthority>
      <Sole>56300</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>611</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4250</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4250</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALLERGAN, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>1156</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5508</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5508</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALPHABET INC. CLASS A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K305</cusip>
    <value>587</value>
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    <votingAuthority>
      <Sole>742</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ALPHABET INC. CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K107</cusip>
    <value>711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>922</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>922</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALTRIA GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02209S103</cusip>
    <value>865</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12800</sshPrnamt>
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    <votingAuthority>
      <Sole>12800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>1149</value>
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      <sshPrnamt>15514</sshPrnamt>
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    <votingAuthority>
      <Sole>15514</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AMERICAN FUNDAMENTAL INVESTORS CL A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>360802102</cusip>
    <value>739</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13576</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>031162100</cusip>
    <value>4774</value>
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      <sshPrnamt>32655</sshPrnamt>
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    <votingAuthority>
      <Sole>32655</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>48028</value>
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      <sshPrnamt>414683</sshPrnamt>
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    <nameOfIssuer>BAKER HUGHES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>057224107</cusip>
    <value>1312</value>
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    <votingAuthority>
      <Sole>20200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>064058100</cusip>
    <value>971</value>
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    <votingAuthority>
      <Sole>20500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>060505104</cusip>
    <value>386</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17487</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BAXTER INTERNATIONAL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>071813109</cusip>
    <value>1591</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>35900</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BERKSHIRE HATHAWAY INC. CL. B</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>084670702</cusip>
    <value>2977</value>
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    <votingAuthority>
      <Sole>18270</Sole>
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    </votingAuthority>
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    <nameOfIssuer>BLACKROCK, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>09247X101</cusip>
    <value>227</value>
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      <Sole>599</Sole>
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    </votingAuthority>
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    <nameOfIssuer>BOEING COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>097023105</cusip>
    <value>5345</value>
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    </votingAuthority>
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    <nameOfIssuer>BRISTOL-MYERS SQUIBB CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>110122108</cusip>
    <value>2893</value>
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    </votingAuthority>
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    <nameOfIssuer>CVS HEALTH CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>126650100</cusip>
    <value>475</value>
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      <sshPrnamt>6020</sshPrnamt>
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    </votingAuthority>
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    <nameOfIssuer>CHEVRON CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>166764100</cusip>
    <value>564</value>
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      <sshPrnamt>4800</sshPrnamt>
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    <votingAuthority>
      <Sole>4800</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CISCO SYSTEMS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>17275R102</cusip>
    <value>725</value>
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      <sshPrnamt>24000</sshPrnamt>
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    <votingAuthority>
      <Sole>24000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>172967424</cusip>
    <value>769</value>
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      <sshPrnamt>12950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>12950</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COCA COLA COMP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>191216100</cusip>
    <value>2314</value>
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      <sshPrnamt>55827</sshPrnamt>
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      <Sole>55827</Sole>
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    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COLGATE-PALMOLIVE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>194162103</cusip>
    <value>3134</value>
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    <votingAuthority>
      <Sole>47900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>20825C104</cusip>
    <value>438</value>
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      <sshPrnamt>8750</sshPrnamt>
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    <votingAuthority>
      <Sole>8750</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>219350105</cusip>
    <value>616</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>25400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>COSTCO WHOLESALE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>22160K105</cusip>
    <value>592</value>
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      <sshPrnamt>3700</sshPrnamt>
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    </votingAuthority>
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    <nameOfIssuer>DEERE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>244199105</cusip>
    <value>680</value>
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      <sshPrnamt>6600</sshPrnamt>
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      <Sole>6600</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DEVON ENERGY CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25179M103</cusip>
    <value>520</value>
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    <votingAuthority>
      <Sole>11400</Sole>
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    </votingAuthority>
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    <nameOfIssuer>DIAGEO PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25243Q205</cusip>
    <value>758</value>
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    <votingAuthority>
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    </votingAuthority>
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    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>254687106</cusip>
    <value>5316</value>
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    <votingAuthority>
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    </votingAuthority>
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    <nameOfIssuer>DOMINION RESOURCES, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>25746U109</cusip>
    <value>421</value>
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    </votingAuthority>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>260003108</cusip>
    <value>1738</value>
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      <sshPrnamt>23200</sshPrnamt>
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    <votingAuthority>
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    </votingAuthority>
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    <nameOfIssuer>DUPONT DE NEMOURS E.I.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>263534109</cusip>
    <value>1724</value>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EMERSON ELEC CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>291011104</cusip>
    <value>2921</value>
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      <Sole>52400</Sole>
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    </votingAuthority>
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    <nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>30231G102</cusip>
    <value>6956</value>
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      <sshPrnamt>77075</sshPrnamt>
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    <votingAuthority>
      <Sole>77075</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1489</value>
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      <sshPrnamt>8000</sshPrnamt>
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    <votingAuthority>
      <Sole>8000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>FREEPORT-MCMORAN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>35671D857</cusip>
    <value>194</value>
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    <votingAuthority>
      <Sole>14774</Sole>
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      <None>0</None>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>4154</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>131469</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GOLDMAN SACHS GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>1017</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4250</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>406216101</cusip>
    <value>1422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>1634</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12187</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12187</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HONEYWELL INTL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>438516106</cusip>
    <value>6003</value>
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      <sshPrnamt>51825</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51825</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
    <value>3351</value>
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      <sshPrnamt>29370</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29370</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>3591</value>
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    <votingAuthority>
      <Sole>21636</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1146</value>
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      <sshPrnamt>31600</sshPrnamt>
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    <votingAuthority>
      <Sole>31600</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>5637</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65330</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>11156</value>
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      <sshPrnamt>96833</sshPrnamt>
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    <votingAuthority>
      <Sole>96833</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>KIMBERLY CLARK</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>494368103</cusip>
    <value>1038</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>L-3 COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502424104</cusip>
    <value>1203</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7915</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7915</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LOWES COMPANIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>981</value>
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      <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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    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>580135101</cusip>
    <value>2799</value>
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      <sshPrnamt>23000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>594918104</cusip>
    <value>4041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65038</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65038</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONDELEZ INTERNATIONAL, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>609207105</cusip>
    <value>288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>617446448</cusip>
    <value>234</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5550</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>3558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>2096</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19400</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1624</value>
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      <sshPrnamt>22300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68389X105</cusip>
    <value>2364</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>61500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>713448108</cusip>
    <value>2469</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>23600</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>922</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28400</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>718172109</cusip>
    <value>1207</value>
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      <sshPrnamt>13200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13200</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PLATFORM SPECIALTY PRODUCTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>72766Q105</cusip>
    <value>1018</value>
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      <sshPrnamt>103775</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>103775</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>7593</value>
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      <sshPrnamt>90310</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90310</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>2764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>42400</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>SCHLUMBERGER LIMITED</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>806857108</cusip>
    <value>3452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41123</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41123</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SUNTRUST BANKS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>867914103</cusip>
    <value>246</value>
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      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>THE KRAFT HEINZ COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>500754106</cusip>
    <value>532</value>
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      <sshPrnamt>6100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>6100</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>1674</value>
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      <sshPrnamt>16150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16150</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED HEALTHCARE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>910581107</cusip>
    <value>222</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1389</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1389</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32411</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32411</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1781</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33373</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33373</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W308</cusip>
    <value>473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19385</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19385</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>7566</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>56300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WATTS WATER TECH INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>942749102</cusip>
    <value>1577</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WELLS FARGO &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>949746101</cusip>
    <value>1399</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>25400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
