<?xml version="1.0" encoding="utf-8"?>
<informationTable xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
  <infoTable>
    <nameOfIssuer>AT&amp;T Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00206r102</cusip>
    <value>1513</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>42600</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Abbott Laboratories</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>735</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14985</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>14985</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Abbvie Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00287y109</cusip>
    <value>2003</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>29805</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Advanced Micro Devices</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007903107</cusip>
    <value>74</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>31000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Air Products &amp; Chemicals</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>009158106</cusip>
    <value>1610</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11763</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11763</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Altria Group Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02209S103</cusip>
    <value>636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Apple Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>8286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66061</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>66061</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ashland Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>044209104</cusip>
    <value>2812</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23065</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>23065</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Blackrock Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09247x101</cusip>
    <value>1981</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5725</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Boeing Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097023105</cusip>
    <value>2181</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15725</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15725</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Bombardier Inc - Cl B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>097751200</cusip>
    <value>27</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Century Bancorp Cl A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156432106</cusip>
    <value>623</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15323</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15323</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Chevron Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>2516</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26085</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>26085</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Consolidated Edison</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>209115104</cusip>
    <value>1210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Duke Energy</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26441c204</cusip>
    <value>1151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16300</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EMC Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>268648102</cusip>
    <value>1584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60023</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>60023</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ecolab Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278865100</cusip>
    <value>2241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19820</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>19820</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Emerson Electric</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>291011104</cusip>
    <value>1488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26839</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>26839</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Expeditors Int'l (WA)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302130109</cusip>
    <value>1737</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>37675</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FedEx Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428x106</cusip>
    <value>1980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11617</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11617</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>General Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>3573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134486</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>134486</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Google Inc CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38259P508</cusip>
    <value>1071</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1983</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1983</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Google Inc CL C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38250P706</cusip>
    <value>1083</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2081</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>2081</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Grainger (W.W.)</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>384802104</cusip>
    <value>1968</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8315</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8315</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>4603</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47232</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>47232</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>McDonalds Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>1478</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15546</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15546</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Pfizer Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>1687</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50328</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>50328</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Philip Morris Int'l</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718172109</cusip>
    <value>714</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Procter &amp; Gamble</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9668</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9668</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Royal Dutch Shell PLC-ADR B</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>780259107</cusip>
    <value>860</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Sigma Labs Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>826598104</cusip>
    <value>4</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>50000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Southern Co.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>788</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18800</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Target Corporatiion</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612e106</cusip>
    <value>1445</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>17700</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Tortoise MLP Fund</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89148b101</cusip>
    <value>684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>32200</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Trinity Industries</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896522109</cusip>
    <value>2150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81355</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>81355</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Tupperware Brands</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>899896104</cusip>
    <value>1383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21421</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21421</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Verizon Communications</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>1599</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34299</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>34299</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Visa Inc Cl A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92826C839</cusip>
    <value>2262</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33680</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>33680</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Zoetis Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98978v103</cusip>
    <value>2220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46044</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>46044</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>AstraZeneca PLC - Spons ADR</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>046353108</cusip>
    <value>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>3700</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nestle SA ADR</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>641069406</cusip>
    <value>801</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11100</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Novartis ADR</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>66987V109</cusip>
    <value>1598</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16250</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAP AG ADR</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>803054204</cusip>
    <value>1510</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>21500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vodafone Group PLC - ADR</nameOfIssuer>
    <titleOfClass>SPON ADR</titleOfClass>
    <cusip>92857W100</cusip>
    <value>1440</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>39500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Alerian MLP ETF</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>00162Q866</cusip>
    <value>211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13580</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Energy Select Sector SPDR</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>81369y506</cusip>
    <value>811</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10790</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10790</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IShares MSCI Emerg Mkt</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287234</cusip>
    <value>3678</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92830</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>92830</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IShares MSCI Taiwan</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464286731</cusip>
    <value>316</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>20000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Industrial Select Sector SPDR</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>81369y704</cusip>
    <value>4066</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75215</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>75215</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Ishares Select Dividend</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287168</cusip>
    <value>350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4660</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>4660</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Market Vectors Oil Services</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>57060u191</cusip>
    <value>6158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>176460</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Powershares QQQ Trust</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>73935a104</cusip>
    <value>12983</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121255</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>121255</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>78462f103</cusip>
    <value>25678</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124742</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>124742</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P Midcap 400</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>78467y107</cusip>
    <value>12835</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46980</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>46980</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard FTSE Emerging Markets</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>922042858</cusip>
    <value>537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13125</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>13125</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard High Dividend Yield</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>921946406</cusip>
    <value>532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JP Morgan ETN Alerian MLP</nameOfIssuer>
    <titleOfClass>ETN</titleOfClass>
    <cusip>46625h365</cusip>
    <value>634</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>16000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Blackstone Group LP</nameOfIssuer>
    <titleOfClass>LTD</titleOfClass>
    <cusip>09253U108</cusip>
    <value>2066</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>50550</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Buckeye Partners L.P.</nameOfIssuer>
    <titleOfClass>LTD</titleOfClass>
    <cusip>118230101</cusip>
    <value>436</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>5900</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Energy Transfer Partners L.P.</nameOfIssuer>
    <titleOfClass>LTD</titleOfClass>
    <cusip>29273R109</cusip>
    <value>339</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>6500</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KKR &amp; Co LP</nameOfIssuer>
    <titleOfClass>LTD</titleOfClass>
    <cusip>48248M102</cusip>
    <value>1227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>53700</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Plains All American Pipeline L</nameOfIssuer>
    <titleOfClass>LTD</titleOfClass>
    <cusip>726503105</cusip>
    <value>488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>11200</None>
    </votingAuthority>
  </infoTable>
</informationTable>
