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FORM 13F INFORMATION TABLE
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Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
VALUE SHRS or SH/ PUT/ INVESTMENT OTHER Voting Authority
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE Shared None
AMR Corp common 001765106 "$6,642" "113,420" SH Sole "113,420"
Air Touch common 00949T10 "$10,470" "108,362" SH Sole "108,362"
Alliance Capital Mgmt. Ltd. Partnership common 01854810 $618 "24,400" SH Sole "24,400"
Allstate Corp common 02000210 $294 "7,924" SH Sole "7,924"
Amerisource Health common 03071P102 "$7,735" "226,260" SH Sole "226,260"
American Pwr Conversion Com common 029066107 $81 "3,000" SH Sole "3,000"
Bridgehampton National Bank common N/A "$1,209" "52,572" SH Sole "52,572"
Bristol Myers common 11012210 $83 "1,296" SH Sole "1,296"
CVS Corporation Delaware common 126650100 "$5,406" "113,800" SH Sole "113,800"
Dayton Hudson Corp common 239753106 "$9,596" "144,032" SH Sole "144,032"
Digital Recorders common 253869101 $14 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. New common 257661108 "$5,581" "80,010" SH Sole "80,010"
Gannett Inc. Del. common 364730101 "$6,035" "95,800" SH Sole "95,800"
"Gap, Inc." common 364760108 "$9,097" "135,150" SH Sole "135,150"
General Electric common 3696049I6 "$4,086" "36,940" SH Sole "36,940"
Grainger (WW) common 384802104 "$5,323" "123,600" SH Sole "123,600"
H & R Block Inc common 093671105 "$7,263" "153,300" SH Sole "153,300"
Hastings Entmt Inc common 418365102 $281 "27,200" SH Sole "27,200"
Health Care Reit Inc. common 42217K106 $15 700 SH Sole 700
Hewlett Packard common 428236103 "$6,846" "100,950" SH Sole "100,950"
Highwoods Properties common 431284108 "$2,718" "115,350" SH Sole "115,350"
Illinois Tool Works common 45230810 "$7,969" "128,790" SH Sole "128,790"
Intel Corp. common 458140100 $654 "5,500" SH Sole "5,500"
Johnson & Johnson common 47816010 "$3,020" "32,300" SH Sole "32,300"
KeyCorp common 49326710 $91 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" common 499040103 "$9,015" "180,300" SH Sole "180,300"
Mobil Corp common 60705910 $70 800 SH Sole 800
"Morgan Stanley, Dean Witter Discover" common 61744644 "$5,591" "55,945" SH Sole "55,945"
Pfizer Inc. common 71708110 "$8,358" "60,235" SH Sole "60,235"
Sealed Air Corp. common 81211K10 "$4,062" "82,574" SH Sole "82,574"
Sears common 8123879LJ $172 "3,800" SH Sole "3,800"
Spdr Tr Unit Ser 1 common 78462F103 "$2,542" "19,800" SH Sole "19,800"
Tanger Factory Outlet Centers common 875465106 $132 "22,600" SH Sole "22,600"
Tennant Co. common 88034510 $123 "3,600" SH Sole "3,600"
USAir Group common 911905107 "$5,535" "113,400" SH Sole "113,400"
Wachovia Corp. common 92977110 $32 400 SH Sole 400
Wal-Mart Stores common 93114210 "$6,246" "67,755" SH Sole "67,755"
Walgreen Co. common 93142210 "$5,770" "204,260" SH Sole "204,260"
Wells Fargo & Company common 94974610 $47 "1,350" SH Sole "1,350"
Xerox Corp. common 984121103 "$8,715" "167,200" SH Sole "167,200"
Total "$157,537"
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