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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 com 001765106 "7,700" "112,820" SH Sole "112,820"
Alliance Capital Mgmt. Ltd. Partnership com 018548107 323 "10,000" SH Sole "10,000"
Allstate Corp com 020002101 250 "6,972" SH Sole "6,972"
Amerisource Health com 03071P102 "7,083" "277,760" SH Sole "277,760"
American Pwr Conversion Com com 029066107 "3,284" "163,200" SH Sole "163,200"
Block H&R Inc. com 093671105 "8,639" "172,775" SH Sole "172,775"
Bridgehampton National Bank com N/A "1,209" "52,572" SH Sole "52,572"
Bristol Myers com 110122108 86 "1,221" SH Sole "1,221"
CVS Corporation Delaware com 126650100 "5,923" "116,700" SH Sole "116,700"
Dayton Hudson Corp com 239753106 "7,581" "116,632" SH Sole "116,632"
Digital Recorders com 253869101 15 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 "4,559" "75,660" SH Sole "75,660"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 84 "2,850" SH Sole "2,850"
Gannett Inc. com 364730101 "8,122" "113,800" SH Sole "113,800"
"Gap, Inc." com 364760108 "6,162" "122,322" SH Sole "122,322"
General Electric com 369604103 "4,152" "36,740" SH Sole "36,740"
Grainger (WW) Inc. com 384802104 "6,651" "123,600" SH Sole "123,600"
Hastings Entmt Inc com 418365102 451 "39,200" SH Sole "39,200"
Health Care Reit Inc. com 42217K106 16 700 SH Sole 700
Hewlett Packard com 428236103 "9,759" "97,100" SH Sole "97,100"
Highwoods Properties com 431284108 "3,137" "114,350" SH Sole "114,350"
Illinois Tool Wks Inc. com 452308109 "8,035" "98,290" SH Sole "98,290"
Intel Corp. com 458140100 "4,427" "74,400" SH Sole "74,400"
Johnson & Johnson com 478160104 "3,165" "32,300" SH Sole "32,300"
KeyCorp com 493267108 96 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "9,399" "170,700" SH Sole "170,700"
Merck & Co. com 589331107 33 450 SH Sole 450
Mobil Corp com 607059102 79 800 SH Sole 800
"Morgan Stanley, Dean Witter & Co." com 617446448 "5,546" "54,045" SH Sole "54,045"
Pfizer Inc. com 717081103 "6,925" "63,535" SH Sole "63,535"
Sealed Air Corp. com 81211K100 "4,877" "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 169 "3,800" SH Sole "3,800"
Spdr Tr Unit Ser 1 com 78462F103 "4,110" "30,000" SH Sole "30,000"
Tanger Factory Outlet Ctrs Inc. com 875465106 567 "21,800" SH Sole "21,800"
Tennant Co. com 880345103 115 "3,600" SH Sole "3,600"
US Airways Group Inc. com 911905107 "4,718" "108,300" SH Sole "108,300"
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "4,897" "24,856" SH Sole "24,856"
Wachovia Corp. com 929771103 17 200 SH Sole 200
Wal-Mart Stores com 931142103 "6,114" "126,710" SH Sole "126,710"
Walgreen Co. com 931422109 "6,118" "208,260" SH Sole "208,260"
Xerox Corp. com 984121103 "9,533" "161,400" SH Sole "161,400"
Sealed Air Corp New pfd 81211K209 38 600 SH Sole 600
TOTAL "164,164"
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