<TABLE>
FORM 13F INFORMATION TABLE
<C> <C> <C> <C> <C> <C> <C> <C>
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 1765106 $2 50 SH Sole 50
Alliance Capital Mgmt. Ltd. Partnership com 18548107 $396 "7,900" SH Sole "7,900"
Allstate Corp com 20002101 $314 "9,042" SH Sole "9,042"
America Online Inc Del Com com 02364J104 $59 "1,100" SH Sole "1,100"
Amerisource Health com 03071P102 "$11,635 " "247,560" SH Sole "247,560"
American Pwr Conversion Com com 29066107 "$3,041 " "158,500" SH Sole "158,500"
Block H&R Inc. com 93671105 "$7,536 " "203,325" SH Sole "203,325"
Bridgehampton National Bank com N/A "$1,078 " "52,572" SH Sole "52,572"
Bristol Myers com 110122108 $61 "1,074" SH Sole "1,074"
CMS Energy Corp Com com 125896100 $135 "5,000" SH Sole "5,000"
CVS Corporation Delaware com 126650100 "$10,254 " "221,400" SH Sole "221,400"
Colgate Palmolive Co. com 194162103 "$3,044 " "64,500" SH Sole "64,500"
Digital Recorders com 253869101 $21 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 $663 "7,415" SH Sole "7,415"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 $2 250 SH Sole 250
Exxon Mobil Corp Com com 302290101 $94 "1,056" SH Sole "1,056"
Gannett Inc. com 364730101 "$7,653 " "144,400" SH Sole "144,400"
"Gap, Inc." com 364760108 "$3,572 " "177,509" SH Sole "177,509"
General Electric com 369604103 "$5,561 " "96,397" SH Sole "96,397"
Health Care Reit Inc. com 42217K106 $12 700 SH Sole 700
Hewlett Packard com 428236103 "$7,464 " "76,950" SH Sole "76,950"
Highwoods Properties com 431284108 $255 "10,800" SH Sole "10,800"
Illinois Tool Wks Inc. com 452308109 "$6,995 " "125,190" SH Sole "125,190"
Intel Corp. com 458140100 "$4,181 " "100,600" SH Sole "100,600"
Johnson & Johnson com 478160104 "$3,015 " "32,100" SH Sole "32,100"
KeyCorp com 493267108 $76 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "$7,312 " "143,900" SH Sole "143,900"
Merck & Co. com 589331107 $33 450 SH Sole 450
"Morgan Stanley, Dean Witter & Co." com 617446448 "$9,048 " "98,950" SH Sole "98,950"
Pfizer Inc. com 717081103 "$8,210 " "182,705" SH Sole "182,705"
Sabre Hldgs Corp com 785905100 $1 36 SH Sole 36
Schering-Plough com 806605101 "$5,631 " "121,100" SH Sole "121,100"
Sealed Air Corp. com 81211K100 "$3,401 " "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 $65 "2,000" SH Sole "2,000"
Spdr Tr Unit Ser 1 com 78462F103 "$3,828 " "26,650" SH Sole "26,650"
Staples Inc com 855030102 "$1,267 " "89,300" SH Sole "89,300"
Summit Bancorp com 866005101 "$1,552 " "4,500" SH Sole "4,500"
Tanger Factory Outlet Ctrs Inc. com 875465106 $363 "16,500" SH Sole "16,500"
Target Corp com 8.76E+110 "$6,001 " "234,200" SH Sole "234,200"
Tennant Co. com 880345103 $159 "3,600" SH Sole "3,600"
United Parcel Service CL B com 911312106 "$1,440 " "25,550" SH Sole "25,550"
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "$5,079 " "137,280" SH Sole "137,280"
Wachovia Corp. com 929771103 "$5,445 " "96,050" SH Sole "96,050"
Wal-Mart Stores com 931142103 "$5,994 " "124,550" SH Sole "124,550"
Walgreen Co. com 931422109 "$7,893 " "208,060" SH Sole "208,060"
"Winston Hotels, Inc." com 97563A102 $69 "8,000" SH Sole "8,000"
Sealed Air Corp New pfd 81211K209 $27 600 SH Sole 600
TOTAL "$149,937 "
<C>
</TABLE>
