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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 $3 50 SH Sole 50
Alliance Capital Mgmt. Ltd. Partnership com 018548107 $299 "10,000" SH Sole "10,000"
Allstate Corp com 020002101 $234 "9,732" SH Sole "9,732"
Amerisource Health com 03071P102 "$4,313" "283,960" SH Sole "283,960"
American Pwr Conversion Com com 029066107 "$5,119" "194,100" SH Sole "194,100"
Block H&R Inc. com 093671105 "$7,471" "170,775" SH Sole "170,775"
Bridgehampton National Bank com N/A "$1,078" "52,572" SH Sole "52,572"
Bristol Myers com 110122108 $69 "1,074" SH Sole "1,074"
CVS Corporation Delaware com 126650100 "$8,338" "209,100" SH Sole "209,100"
Dayton Hudson Corp com 239753106 "$8,541" "116,300" SH Sole "116,300"
Digital Recorders com 253869101 $31 "8,000" SH Sole "8,000"
Donaldson Lufkin & Jenrette Inc. com 257661108 $365 "7,545" SH Sole "7,545"
Donaldson Lufkin&Jen NW DLJDIRECT com 257661504 $3 250 SH Sole 250
Exxon Mobil Corp Com com 302290101 $85 "1,056" SH Sole "1,056"
Gannett Inc. com 364730101 "$9,225" "113,100" SH Sole "113,100"
"Gap, Inc." com 364760108 "$5,627" "122,321" SH Sole "122,321"
General Electric com 369604103 "$5,382" "34,779" SH Sole "34,779"
Grainger (WW) Inc. com 384802104 "$5,709" "119,400" SH Sole "119,400"
Health Care Reit Inc. com 42217K106 $11 700 SH Sole 700
Hewlett Packard com 428236103 "$11,045" "97,100" SH Sole "97,100"
Highwoods Properties com 431284108 "$1,512" "64,000" SH Sole "64,000"
Illinois Tool Wks Inc. com 452308109 "$8,370" "123,890" SH Sole "123,890"
Intel Corp. com 458140100 "$6,922" "84,100" SH Sole "84,100"
International Business Machines com 45920010 $5 45 SH Sole 45
Johnson & Johnson com 478160104 "$3,012" "32,300" SH Sole "32,300"
KeyCorp com 493267108 $66 "2,996" SH Sole "2,996"
"Knight Ridder, Inc" com 499040103 "$10,864" "182,400" SH Sole "182,400"
McCormick & Co Inc Com Non Vtg com 57978020 $1 18 SH Sole 18
Merck & Co. com 589331107 $30 450 SH Sole 450
"Morgan Stanley, Dean Witter & Co." com 617446448 "$7,715" "54,045" SH Sole "54,045"
Omega Finl Corp Com com 68209210 $15 500 SH Sole 500
Pfizer Inc. com 717081103 "$6,186" "190,705" SH Sole "190,705"
Schering-Plough com 806605101 "$3,530" "83,300" SH Sole "83,300"
Sealed Air Corp. com 81211K100 "$3,895" "75,174" SH Sole "75,174"
Sears Roebuck & Co. com 812387108 $115 "3,800" SH Sole "3,800"
Spdr Tr Unit Ser 1 com 78462F103 "$4,274" "29,100" SH Sole "29,100"
Staples Inc Com com 85503010 $4 193 SH Sole 193
Tanger Factory Outlet Ctrs Inc. com 875465106 $452 "21,800" SH Sole "21,800"
Techne Corp Com com 87837710 $4 75 SH Sole 75
Tennant Co. com 880345103 $118 "3,600" SH Sole "3,600"
United Parcel Service CL B com 911312106 $35 500 SH Sole 500
Vodafone Airtouch PLC Sponsored ADR com 92857T107 "$6,726" "135,880" SH Sole "135,880"
Wachovia Corp. com 929771103 $14 200 SH Sole 200
Wal-Mart Stores com 931142103 "$8,680" "125,570" SH Sole "125,570"
Walgreen Co. com 931422109 "$6,209" "212,260" SH Sole "212,260"
Sealed Air Corp New pfd 81211K209 $30 600 SH Sole 600
TOTAL "$151,732"
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