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    <nameOfIssuer>3M COMPANY</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>88579Y101</cusip>
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    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>002824100</cusip>
    <value>4024</value>
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    <nameOfIssuer>ABBVIE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>4089</value>
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    <nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>009158106</cusip>
    <value>370</value>
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    <nameOfIssuer>ALLERGAN, INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>G0177J108</cusip>
    <value>806</value>
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    <nameOfIssuer>ALPHABET INC. CLASS A</nameOfIssuer>
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    <value>772</value>
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    <nameOfIssuer>ALPHABET INC. CLASS C</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>02079K107</cusip>
    <value>1021</value>
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    <nameOfIssuer>AMERICAN EXPRESS CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>025816109</cusip>
    <value>1695</value>
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    <nameOfIssuer>AMERICAN FUNDAMENTAL INVESTORS CL A</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>360802102</cusip>
    <value>524</value>
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    <nameOfIssuer>AMGEN INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <value>6047</value>
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    <nameOfIssuer>APPLE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>037833100</cusip>
    <value>71102</value>
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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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    <nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
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    <cusip>060505104</cusip>
    <value>609</value>
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    <nameOfIssuer>BAXTER INTERNATIONAL INC.</nameOfIssuer>
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    <cusip>071813109</cusip>
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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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    <value>370</value>
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    <nameOfIssuer>CORNING INC.</nameOfIssuer>
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    <nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
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    <nameOfIssuer>DIAGEO PLC ADR</nameOfIssuer>
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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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    <nameOfIssuer>DOWDUPONT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>ELEMENT SOLUTIONS 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>
    <cusip>30231G102</cusip>
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    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
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    <nameOfIssuer>GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>369604103</cusip>
    <value>745</value>
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    </votingAuthority>
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    <nameOfIssuer>GOLDMAN SACHS GROUP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>38141G104</cusip>
    <value>786</value>
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    </votingAuthority>
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    <nameOfIssuer>HOME DEPOT INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>437076102</cusip>
    <value>1747</value>
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      <Sole>9107</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>7115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44775</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>44775</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HOWARD HUGHES CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>44267D107</cusip>
    <value>3748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34080</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34080</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>IBM CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>459200101</cusip>
    <value>2292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16246</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16246</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>INTEL CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>458140100</cusip>
    <value>1540</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28692</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28692</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INVESTORS BANCORP INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>46146L101</cusip>
    <value>424</value>
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      <sshPrnamt>35800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>35800</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>6240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61651</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>61651</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>11712</value>
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      <sshPrnamt>83785</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>83785</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>1633</value>
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      <sshPrnamt>7915</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7915</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LOWES COMPANIES INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>548661107</cusip>
    <value>1510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MC DONALD'S CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>580135101</cusip>
    <value>3881</value>
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      <sshPrnamt>20442</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20442</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MICROSOFT CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>594918104</cusip>
    <value>7386</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62630</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONDELEZ INTERNATIONAL INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>609207105</cusip>
    <value>224</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NIKE INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>654106103</cusip>
    <value>5389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>64000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHERN CORP.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>655844108</cusip>
    <value>3307</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NOVARTIS ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORPORATION</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>68389X105</cusip>
    <value>3125</value>
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      <sshPrnamt>58200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58200</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PEPSICO</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>713448108</cusip>
    <value>2676</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21840</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21840</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>1190</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>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>742718109</cusip>
    <value>6547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62925</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62925</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>747525103</cusip>
    <value>2315</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40600</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>1281</value>
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      <sshPrnamt>29423</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>29423</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>592</value>
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      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SUNTRUST BANKS INC.</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>867914103</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4000</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>2374</value>
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      <sshPrnamt>14200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>14200</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>915</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3704</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3704</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911312106</cusip>
    <value>3152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28211</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28211</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>911363109</cusip>
    <value>976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8550</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD EMERGING MARKETS ETF</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>922042858</cusip>
    <value>1385</value>
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      <sshPrnamt>32600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>32600</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1581</value>
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      <sshPrnamt>26752</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26752</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>VODAFONE GROUP PLC ADR</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>92857W308</cusip>
    <value>325</value>
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      <sshPrnamt>17894</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17894</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>Common Stock</titleOfClass>
    <cusip>941848103</cusip>
    <value>12434</value>
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      <sshPrnamt>49400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49400</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>1713</value>
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      <sshPrnamt>21196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <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>671</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8492</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8492</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
