<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 1999
Check here if Amendment [ ]; Amendment Number: ____
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings
entries.
Institutional Investment Manager Filing this Report:
Name:_____The Adams Express Company____
Address: _7 St. Paul Street, Suite 1140
__________Baltimore, MD 21202__________
__________________________________________
Form 13F File Number: 28-597_________
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: ___Christine M. Griffith_
Title: __Assistant Treasurer___
Phone: __(401) 752-5900________
Signature, Place, and Date of Signing:
__(signed)_Christine M. Griffith Baltimore, Md. August 5, 1999
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this
reporting manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this
report, and all holdings are reported by other reporting
manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the
holdings for this reporting manager are reported in this
report and a portion are reported by other reporting
manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-____________ ________________________________
[Repeat as necessary.]
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: __________0____
Form 13F Information Table Entry Total: ____119_________
Form 13F Information Table Value Total: $_1,799_____________
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.
[If there are no entries in this list, state "NONE" and omit the
column headings and list entries.]
No. Form 13F File Number Name
____ 28- NONE____________ ________________________
[Repeat as necessary.
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FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL. 6 COLUMN 7 COLUMN 8
- ------------------------------- -------- --------- -------- ------------------ ------- -------- ----------------------
TITLE OF VALUE INVSTMT OTHER
NAME OF ISSUER CLASS CUSIP (x$1000 DSCRETN MANAGERS
<S> <C> <C> <C> <C> <C>
SH/ PUT/ VOTING AUTHORITY
SHARES/ PRN CALL
PRIN. AMT
<C> <C> <C>
SOLE SHA NONE
<C> RED <C>
<C>
ABBOTT LABORATORIES COM 002824100 19,511 430,000 SH SOLE 430,000
ALBERTSONS INC. COM 013104104 15,918 308,700 SH SOLE 308,700
ALZA CORPORATION COM 022615108 17,298 340,000 SH SOLE 340,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 21,685 379,600 SH SOLE 379,600
AMERICAN HOME PRODUCTS CORP. COM 026609107 30,409 530,000 SH SOLE 530,000
AMERICAN INTL. GROUP INC. COM 026874107 47,486 405,000 SH SOLE 405,000
AMERICAN RETIREMENT CORP. COM 028913101 1,889 151,100 SH SOLE 151,100
AMER. RET. CORP 5.75% CONV DUE 2OO2 DEBS 028913AA9 3,040 4,000,000 PRN SOLE 4,000,000
AMERITECH CORP. COM 030954101 22,785 310,000 SH SOLE 310,000
ANNUITY AND LIFE RE (HOLDINGS), LTD. COM G03910109 15,706 700,000 SH SOLE 700,000
ASSOC. FIRST CAPITAL CORP. SER. A COM 046008108 24,128 546,800 SH SOLE 546,800
AVERY DENNISON CORP. COM 053611109 5,434 90,000 SH SOLE 90,000
AVERY DENNISON CORP PUT 053611959 3,019 50,000 PUT
BP AMOCO PLC SPN ADRS 055662104 16,275 150,000 ADR SOLE 150,000
BANK ONE CORP COM 059438101 19,655 330,000 SH SOLE 330,000
BAXTER INTERNATIONAL COM 071813109 15,459 255,000 SH SOLE 255,000
BELLSOUTH CORP. COM 079860102 20,295 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 12,947 205,100 SH SOLE 205,100
BLACK & DECKER CORP. PUT 091797950 5,681 90,000 PUT
BLACK HILLS CORP. COM 092113109 12,834 555,000 SH SOLE 555,000
CANADIAN NATIONAL RAILWAY. COM 136375102 2,010 30,000 SH SOLE 30,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 802 15,000 SH SOLE 15,000
CHIRON CORP. COM 170040109 15,563 750,000 SH SOLE 750,000
CINERGY CORP. COM 172474108 9,600 300,000 SH SOLE 300,000
CICSO SYSTEMS, INC. COM 17275R102 59,121 917,500 SH SOLE 917,500
COCA-COLA CO. COM 191216100 10,540 170,000 SH SOLE 170,000
CONSOLIDATED PAPERS INC. COM 209759109 10,968 410,000 SH SOLE 410,000
CORNING, INC. COM 219350105 32,257 460,000 SH SOLE 460,000
CRBL GROUP, INC. COM 224100107 5,886 340,000 SH SOLE 340,000
DST SYSTEMS INC. COM 233326107 22,635 360,000 SH SOLE 360,000
DEAN FOODS CO. COM 242361103 12,469 300,000 SH SOLE 300,000
DELPHI AUTOMOTIVE, INC. COM 247126105 11,563 625,000 SH SOLE 625,000
DELTA AIRLINES, INC. COM 247361108 6,287 109,100 SH SOLE 109,100
DILLARDS INC. COM 254067101 4,215 120,000 SH SOLE 120,000
DOVER CORP. COM 260003108 9,100 260,000 SH SOLE 260,000
ELAN CORP. PLC ADRS 284131208 24,143 870,000 SH SOLE 870,000
ENDESA, S.A. ADRS 29258N107 7,437 350,000 SH SOLE 350,000
ENRON CORP. COM 293561106 20,438 250,000 SH SOLE 250,000
ERICSSON(L.M.) TEL. 4.25% CV DUE 2000 DEBS 294821509 1,042 120,000 PRN SOLE 120,000
ERISSON (L.M.) TELEPHONE CO. COM 294821400 24,703 750,000 SH SOLE 750,000
FDX CORP. COM 31304N107 14,105 260,000 SH SOLE 260,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 20,880 360,000 SH SOLE 360,000
FINANCIAL SEC. ASSURANCE HOLDINGS LTD COM 31769P100 15,984 307,387 SH SOLE 307,387
FIRST DATA CORP. COM 319963104 16,834 343,980 SH SOLE 343,980
FORT JAMES CORP. COM 347471104 21,778 575,000 SH SOLE 575,000
FORT JAMES CORP. PUT 347471954 379 10,000 PUT
FRONTIER CORP. COM 35906P105 26,381 450,000 SH SOLE 450,000
FRONTIER CORP PUT 35906P955 2,931 50,000 PUT SOLE
GENERAL ELECTRIC CO. COM 369604103 74,015 655,000 SH SOLE 655,000
GILLETTE CO. COM 375766102 18,004 439,120 SH SOLE 439,120
GREENPOINT FINANCIAL CORP. COM 395384100 13,945 425,000 SH SOLE 425,000
GREENPOINT FINANCIAL CORP. PUT 395384950 328 10,000 PUT
HEWLETT-PACKARD CO. COM 428236103 20,100 200,000 SH SOLE 200,000
HOUSTON IND. INC. 7% CV DUE 7/1/2000 DECS 442161204 17,888 150,000 SH SOLE 150,000
INTEGRATED HEALTH SER. 5.75% CV DUE DEBS 45812CAB2 4,606 6,675,000 PRN SOLE 6,675,000
INTEL CORP. COM 458140100 20,230 340,000 SH SOLE 340,000
INTEL CORP PUT 458140950 893 15,000 PUT
INTERSTATE BAKERIES CORP. COM 46072H108 3,096 138,000 SH SOLE 138,000
INTERNATIONAL NETWORK SERVICE COM 460053101 16,150 400,000 SH SOLE 400,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 19,200 480,000 SH SOLE 480,000
IVEX PACKAGING CORP. COM 465855104 13,200 600,000 SH SOLE 600,000
LILLY (ELI) & CO. COM 532457108 20,771 290,000 SH SOLE 290,000
LUCENT TECHNOLOGIES INC. COM 549463107 12,813 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. CALL 549463907 2,698 40,000 CALL SOLE
MCI WORLDCOM, INC. COM 55268B106 35,286 410,000 SH SOLE 410,000
MCDONALDS COR. COM 580135101 23,030 560,000 SH SOLE 560,000
MEAD CORP. COM 582834107 16,700 400,000 SH SOLE 400,000
MEDIAONE GROUP INC. COM 58440J104 11,156 150,000 SH SOLE 150,000
MEADIAONE GROUP, INC. 6.25% DUE 2001 PIES 58440J401 7,692 85,000 SH SOLE 85,000
MELLON BANK CORP. COM 585509102 15,278 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 22,088 300,000 SH SOLE 300,000
MOBIL CORP. COM 607059102 11,850 120,000 SH SOLE 120,000
MOTOROLA, INC. DUE 2009 LYONS 620076AE9 1,105 650,000 PRN SOLE 650,000
MOTOROLA, INC. COM 620076109 14,212 150,000 SH SOLE 150,000
NATIONAL CITY CORP. COM 635405103 5,240 80,000 SH SOLE 80,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 30,113 600,000 SH SOLE 600,000
NEXTEL COMMUNICATIONS, INC. PUT 65332V953 1,255 25,000 PUT SOLE
NOKIA CORP. PFD ADRS 654902204 49,444 540,000 SH SOLE 540,000
NOKIA CORP. PFD. ADR CALL 654902204 1,831 20,000 CALL SOLE
NORTEL NETWORKS LTD COM 656569100 32,989 380,000 SH SOLE 380,000
NORTHWESTERN CORP. COM 668074107 12,093 500,000 SH SOLE 500,000
OWENS-ILLINOIS INC. COM 690768403 9,806 300,000 SH SOLE 300,000
OWENS-ILLINOIS INC PUT 690768953 654 20,000 PUT
PALL CORP. COM 696429307 13,313 600,000 SH SOLE 600,000
PEOPLES HERITAGE FINANCIAL GROUP COM 711147108 8,917 474,000 SH SOLE 474,000
PEPSICO, INC. COM 713448108 11,412 295,000 SH SOLE 295,000
PETROLEUM & RESOURCES CORP. COM 716549100 39,809 1,145,570 SH SOLE 1,145,750
PHARMACIA & UPJOHN INC. COM 716941109 17,044 300,000 SH SOLE 300,000
PHARMACIA & UPJOHN INC CALL 716941909 568 10,000 CALL
POLO RALPH LAUREN CORP. COM 731572103 3,325 175,000 SH SOLE 175,000
PROCTER & GAMBLE CO. COM 742718109 8,925 100,000 SH SOLE 100,000
PROVIDENT BANKSHARES CORP. COM 743859100 7,065 303,875 SH SOLE 303,875
QRS CORP. COM 74726X105 27,885 357,500 SH SOLE 357,500
QWEST COMMUNICATIONS INTL. INC. COM 749121109 26,186 792,012 SH SOLE 792,012
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 7,000 125,000 SH SOLE 125,000
QWEST COMMUNICATIONS INTL. INC CALL 749121909 496 15,000 CALL
RALSTON PURINA CO. 7% DUE 2000 COM 751227401 8,370 180,000 SH SOLE 180,000
REINSURANCE GROUP OF AMERICA INC. COM 759351109 15,855 449,775 SH SOLE 449,775
ROYAL DUTCH PETROLEUM CO. GLDR1.25 780257309 10,845 180,000 SH SOLE 180,000
RYDER SYSTEM INC. COM 783549108 15,450 600,000 SH SOLE 600,000
SBC COMMUNICATIONS INC. COM 78387G103 22,040 380,000 SH SOLE 380,000
SCHLUMBERGER, LTD COM 806857108 5,629 88,400 SH SOLE 88,400
SMITHKLINE BEECHAM PLC ADRS 832378400 17,176 260,000 SH SOLE 260,000
SOLECTRON CORP. COM 834182107 69,355 1,040,000 SH SOLE 1,040,000
SOLECTRON CORP CALL 834182907 1,334 20,000 CALL
STERLING COMMERCE INC. COM 859205106 21,131 575,000 SH SOLE 575,000
STERLING COMMERCE INC. PUT 859205956 735 20,000 PUT SOLE
SUNRISE ASSISTED LIVING, INC. COM 86768K106 15,345 440,000 SH SOLE 440,000
TECO ENERGY, INC COM 872375100 6,825 300,000 SH SOLE 300,000
TIFFANY & COMPANY COM 886547108 10,133 105,000 SH SOLE 105,000
TIFFANY & COMPANY CALL 886547908 483 5,000 CALL
TIME WARNER TELECOM COM 887319101 6,380 220,000 SH SOLE 220,000
UNITED WATER RESOURCES, INC. COM 913190104 13,612 600,000 SH SOLE 600,000
VODAFONE AIRTOUCH PLC ADRS 92857T107 11,328 57,500 SH SOLE 57,500
WACHOVIA CORP. COM 929771103 16,257 190,000 SH SOLE 190,000
WELLS FARGO & CO. COM 949746101 23,513 550,000 SH SOLE 550,000
WILLIAMS COMPANIES, INC. COM 969457100 21,281 500,000 SH SOLE 500,000
WILLIAMS COMPANIES, INC PUT 969457950 638 15,000 PUT
WILMINGTON TRUST CORP. COM 971807102 12,048 210,000 SH SOLE 210,000
---------
1,798,972
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