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    <nameOfIssuer>3M COMPANY</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>3855</value>
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    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>5140</value>
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    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>416</value>
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    <nameOfIssuer>ALLERGAN, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>1049</value>
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    <nameOfIssuer>ALPHABET INC. CLASS A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>ALPHABET INC. CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K107</cusip>
    <value>1082</value>
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      <Sole>907</Sole>
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    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1652</value>
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  <infoTable>
    <nameOfIssuer>AMERICAN FUNDAMENTAL INVESTORS CL A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>360802102</cusip>
    <value>644</value>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>6806</value>
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    <nameOfIssuer>APERGY CORPORATION</nameOfIssuer>
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    <value>492</value>
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    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>BAKER HUGHES, A GE COMPANY</nameOfIssuer>
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    <nameOfIssuer>BANK OF NY MELLON CORP</nameOfIssuer>
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    <cusip>064058100</cusip>
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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>BOEING COMPANY</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>CHEVRON CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>CISCO SYSTEMS INC.</nameOfIssuer>
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    <nameOfIssuer>CITIGROUP INC.</nameOfIssuer>
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    <nameOfIssuer>COCA COLA COMPANY</nameOfIssuer>
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    <nameOfIssuer>COLGATE-PALMOLIVE COMPANY</nameOfIssuer>
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    <nameOfIssuer>CONOCO PHILLIPS</nameOfIssuer>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
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    <nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
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    <nameOfIssuer>DISNEY (WALT) CO.</nameOfIssuer>
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    <nameOfIssuer>DOVER CORP</nameOfIssuer>
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    <nameOfIssuer>DOWDUPONT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>EMERSON ELEC CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>31428X106</cusip>
    <value>1926</value>
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    <nameOfIssuer>FREEPORT-MCMORAN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>202</value>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>910</value>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>941</value>
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    </votingAuthority>
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    <nameOfIssuer>HALLIBURTON COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1013</value>
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    <votingAuthority>
      <Sole>25000</Sole>
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    </votingAuthority>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>1996</value>
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      <Sole>9637</Sole>
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      <None>0</None>
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    <nameOfIssuer>HONEYWELL INTL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>438516106</cusip>
    <value>7883</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47375</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>47375</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>4828</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38870</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38870</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>2532</value>
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      <sshPrnamt>16750</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16750</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>458140100</cusip>
    <value>1395</value>
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      <sshPrnamt>29500</sshPrnamt>
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    <votingAuthority>
      <Sole>29500</Sole>
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      <None>0</None>
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    <nameOfIssuer>INVESTORS BANCORP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46146L101</cusip>
    <value>592</value>
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      <sshPrnamt>48300</sshPrnamt>
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    <votingAuthority>
      <Sole>48300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>JP MORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46625H100</cusip>
    <value>6884</value>
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      <sshPrnamt>61009</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61009</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>12179</value>
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      <sshPrnamt>88149</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>88149</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>L-3 TECHNOLOGIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>502413107</cusip>
    <value>1682</value>
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      <sshPrnamt>7915</sshPrnamt>
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    <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>1584</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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    <nameOfIssuer>MAXAR TECHNOLOGIES LTD.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>57778L103</cusip>
    <value>350</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10600</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>3621</value>
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      <sshPrnamt>21650</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21650</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>7369</value>
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      <sshPrnamt>64438</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64438</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>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>5930</value>
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      <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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    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>655844108</cusip>
    <value>3267</value>
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      <sshPrnamt>18100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18100</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>1542</value>
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      <sshPrnamt>17900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17900</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68389X105</cusip>
    <value>3078</value>
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      <sshPrnamt>59700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>59700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>713448108</cusip>
    <value>2476</value>
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      <sshPrnamt>22150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22150</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>1235</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28037</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28037</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>203</value>
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      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>2500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PLATFORM SPECIALTY PRODUCTS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>72766Q105</cusip>
    <value>939</value>
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      <Sole>75375</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROCTER &amp; GAMBLE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>5545</value>
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      <sshPrnamt>66625</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>2982</value>
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      <sshPrnamt>41400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41400</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>2060</value>
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      <sshPrnamt>33823</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>33823</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>863667101</cusip>
    <value>533</value>
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      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <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>280</value>
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      <sshPrnamt>4200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>4200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNION PACIFIC CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>907818108</cusip>
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      <Sole>15000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNITED HEALTHCARE CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>910581107</cusip>
    <value>968</value>
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      <sshPrnamt>3639</sshPrnamt>
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      <Sole>3639</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3527</value>
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      <sshPrnamt>30211</sshPrnamt>
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      <Sole>30211</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911363109</cusip>
    <value>1308</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>8000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VANGUARD EMERGING MARKETS ETF</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>922042858</cusip>
    <value>1562</value>
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      <sshPrnamt>38100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>38100</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>1494</value>
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      <sshPrnamt>27989</sshPrnamt>
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      <Sole>27989</Sole>
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    </votingAuthority>
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    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W308</cusip>
    <value>393</value>
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      <Sole>18144</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>10123</value>
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      <sshPrnamt>52000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WATTS WATER TECH INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>942749102</cusip>
    <value>1759</value>
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      <sshPrnamt>21196</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21196</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XYLEM, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>98419M100</cusip>
    <value>740</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9270</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9270</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
