<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: March 31, 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. May 7, 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.]
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: __________0____
Form 13F Information Table Entry Total: ____117_________
Form 13F Information Table Value Total: $_1,719_____________
(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 22,470 480,000 SH SOLE 480,000
AFFILIATED COMPUTER SERV., INC. COM 008190100 1,990 43,500 SH SOLE 43,500
AIRTOUCH COMMUNCIATIONS COM 00949T100 11,112 115,000 SH SOLE 115,000
ALZA CORPORATION COM 022615108 13,005 340,000 SH SOLE 340,000
ALZA CORPORATION CALL 022615908 1,530 40,000 CALL SOLE
AMBAC FINANCIAL GROUP, INC. COM 023139108 20,498 379,600 SH SOLE 379,600
AMERICAN HOME PRODUCTS CORP. COM 026609107 41,434 635,000 SH SOLE 635,000
AMERICAN HOME PRODUCTS CORP. PUT 026609957 3,263 50,000 PUT SOLE
AMERICAN INT'L. GROUP INC. COM 026874107 48,853 405,000 SH SOLE 405,000
AMERICAN RETIREMENT CORP. COM 028913101 2,172 151,100 SH SOLE 151,,00
AMER. RET. CORP 5.75% CONV DUE 2OO2 DEBS 028913AA9 3,280 4,000,000 PRN SOLE 4,000,000
AMERCIAN STORES CO. COM 030096101 14,685 445,000 SH SOLE 445,000
AMERITECH CORP. COM 030954101 17,864 310,000 SH SOLE 310,000
ANNUITY AND LIFE RE (HOLDINGS), LTD. COM G03910109 16,013 700,000 SH SOLE 700,000
ASSOC. FIRST CAPITAL CORP. SER. A COM 046008108 24,606 546,800 SH SOLE 546,800
BP AMOCO PLC SPN ADRS 055662104 15,150 150,000 ADR SOLE 150,000
BANK ONE CORP COM 059438101 18,171 330,000 SH SOLE 330,000
BAXTER INTERNATIONAL COM 071813109 16,500 250,000 SH SOLE 250,000
BAXTER INTERNATIONAL PUT 071813959 330 5,000 PUT SOLE
BELL SOUTH CORP. COM 079860102 17,628 440,000 SH SOLE 5,000
BLACK HILLS CORP. COM 092113109 11,828 555,000 SH SOLE 440,000
BORDERS GROUP INC. COM 099709107 2,742 195,000 SH SOLE 195,000
CHIRON CORP. COM 170040109 16,453 750,000 SH SOLE 750,000
CINERGY CORP. COM 172474108 8,250 300,000 SH SOLE 300,000
CICSO SYSTEMS, INC. COM 17275R102 50,262 458,750 SH SOLE 458,750
COCA-COLA CO. COM 191216100 10,434 170,000 SH SOLE 170,000
CONSOLIDATED PAPERS INC. COM 209759109 9635 410,000 SH SOLE 410,000
CONSOLIDATED PAPERS INC. PUT 209759959 588 25,000 PUT SOLE
CORNING, INC. COM 219350105 27,600 460,000 SH SOLE 460,000
CBRL GROUP, INC. COM 224100107 6,120 340,000 SH SOLE 340,000
DST SYSTEMS INC. COM 233326107 21,623 360,000 SH SOLE 360,000
DEAN FOODS CO. COM 242361103 10,688 300,000 SH SOLE 300,000
DELPHI AUTOMOTIVE, INC. COM 247126105 8,875 500,000 SH SOLE 500,000
DELTA AIRLINES, INC. COM 247361108 20,860 300,142 SH SOLE 600,142
DILLARD'S INC. COM 254067101 5,075 200,000 SH SOLE 200,000
DOVER CORP. COM 260003108 8,548 260,000 SH SOLE 260,000
ELAN CORP. PLC ADRS 284131208 30,341 435,000 SH SOLE 435,000
ELAN CORP. PLC PUT 284131208 698 10,000 PUT SOLE
EMERSON ELECTRIC CO. COM 291011104 3,864 73,000 SH SOLE 73,000
ENDESA, S.A. ADRS 29258N107 11,194 450,000 SH SOLE 450,000
ENRON CORP. COM 293561106 16,063 250,000 SH SOLE 250,000
ERICSSON(L.M.) TEL. 4.25% CV DUE 2000 DEBS 294821509 761 120,000 PRN SOLE 120,000
ERISSON (L.M.) TELEPHONE CO. COM 594821400 17,859 750,000 SH SOLE 750,000
FDX CORP. COM 31304N107 12,090 130,000 SH SOLE 130,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 20,632 360,000 SH SOLE 360,000
FIRST DATA CORP. COM 319963104 14,705 343,980 SH SOLE 343,980
FOREST LABORATORIES, INC. COM 345838106 18,604 330,000 SH SOLE 330,000
FORT JAMES CORP. COM 347471104 17,428 550,000 SH SOLE 550,000
FRONTIER CORP. COM 35906P105 23,344 450,000 SH SOLE 450,000
FRONTIER CORP PUT 35906P955 3,631 70,000 PUT SOLE
GENERAL ELECTRIC CO. COM 369604103 72,459 655,000 SH SOLE 655,000
GILLETTE CO. COM 375766102 26,100 439,120 SH SOLE 439,120
GREENPOINT FINANCIAL CORP. COM 395384100 14,769 425,000 SH SOLE 425,000
HEWLETT-PACKARD CO. COM 428236103 18,648 275,000 SH SOLE 275,000
HOUSTON IND. INC. 7% CV DUE 7/1/2000 DECS 442161204 18,075 150,000 SH SOLE 150,000
INTEGRATED HEALTH SER. 5.57% CV DUE DEBS 45812CAB2 4,339 6,675,000 PRN SOLE 6,675,000
INTEGRATED HEALTH SERVICES, INC. COM 45812C106 993 180,564 SH SOLE 180,564
INTEL CORP. COM 458140100 20,209 170,000 SH SOLE 170,000
INTERSTATE BAKERIES CORP. COM 46072H108 2,976 138,000 SH SOLE 138,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 13,800 480,000 SH SOLE 480,000
IVEX PACKAGING CORP. COM 465855104 8,733 575,000 SH SOLE 575,000
LILLY (ELI) & CO. COM 532457108 26,311 310,000 SH SOLE 310,000
LILLY (ELI) & CO. CALL 532457908 4,244 50,000 CALL SOLE
LUCENT TECHNOLOGIES INC. COM 549463107 10,260 95,000 SH SOLE 95,000
LUCENT TECHNOLOGIES INC. CALL 549463907 1,080 10,000 CALL SOLE
MCDONALD'S CORP. COM 580135101 25,375 560,000 SH SOLE 560,000
MCI WORLDCOM, INC. COM 55268B106 36,311 410,000 SH SOLE 410,000
MEAD CORP. COM 582834107 12,300 400,000 SH SOLE 400,000
MEDIAONE GROUP INC. COM 58440J104 9,516 150,000 SH SOLE 150,000
MEADIAONE GROUP, INC. 6.25% DUE 2001 PIES 58440J401 7,034 85,000 SH SOLE 85,000
MELLON BANK CORP. COM 585509102 14,779 210,000 SH SOLE 210,000
MERCK & CO., INC. COM 589331107 24,037 300,000 SH SOLE 300,000
MINNESOTA MINING & MFG. CO. COM 604059105 12,027 170,000 SH SOLE 170,000
MINNESOTA MINING & MFG. CO. CALL 604059905 707 10,000 CALL SOLE
MOBIL CORP. COM 607059102 10,560 120,000 SH SOLE 120,000
MOTOROLA, INC. DUE 2009 LYONS 620076AE9 881 650,000 PRN SOLE 650,000
MOTOROLA, INC. COM 620076109 10,987 150,000 SH SOLE 150,000
NATIONAL CITY CORP. COM 635405103 5,310 80,000 SH SOLE 80,000
NEW CENTURY ENERGIES, INC. COM 64352U103 8,516 250,000 SH SOLE 250,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 21,975 600,000 SH SOLE 600,000
NEXTEL COMMUNICATIONS, INC. PUT 65332V953 2,747 75,000 PUT SOLE
NOKIA CORP. PFD ADRS 654902204 42,052 270,000 SH SOLE 270,000
NOKIA CORP. PFD. ADR CALL 654902204 1,558 10,000 CALL SOLE
NORTHERN TELECOM LTD COM 665815106 23,607 380,000 SH SOLE 380,000
NORTHWESTERN CORP. COM 668074107 12,969 500,000 SH SOLE 500,000
PALL CORP. COM 696429307 9,937 600,000 SH SOLE 600,000
PEOPLES HERITAGE FINANCIAL GROUP COM 711147108 8,532 474,000 SH SOLE 474,000
PEPSICO, INC. COM 713448108 11,560 295,000 SH SOLE 295,000
PETROLEUM & RESOURCES CORP. COM 716549100 37,374 1,145,570 SH SOLE 1,145,750
POLO RALPH LAUREN CORP. COM 731572103 3,478 175,000 SH SOLE 175,000
PROCTER & GAMBLE CO. COM 742718109 22,526 230,000 SH SOLE 230,000
PROVIDENT BANKSHARES CORP. COM 743859100 7,561 289,405 SH SOLE 289,405
QRS CORP. COM 74726X105 26,589 425,000 SH SOLE 425,000
QWEST COMMUNICATIONS INT'L. INC. COM 749121109 28,549 396,006 SH SOLE 396,006
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 8,000 125,000 SH SOLE 125,000
RALSTON PURINA CO. 7% DUE 2000 COM 751227401 8,100 180,000 SH SOLE 180,000
REINSURANCE GROUP OF AMERICA INC. COM 759351109 19,143 449,775 SH SOLE 449,775
ROYAL DUTCH PETROLEUM CO. GLDR5 780257309 9,360 180,000 SH SOLE 180,000
RYDER SYSTEM INC. COM 783549108 15,746 570,000 SH SOLE 570,000
SBC COMMUNICATIONS INC. COM 78387G103 17,931 380,000 SH SOLE 380,000
SALOMON SM.BAR.HLDGS 7.625% DUE 1999 DECS 79549B800 15,142 375,000 SH SOLE 375,000
SCHLUMBERGER, LTD COM 806857108 5,320 88,400 SH SOLE 88,400
SMITHKLINE BEECHAM PLC ADRS 832378400 18,590 260,000 SH SOLE 260,000
SOLECTRON CORP. COM 834182107 57,789 1,190,000 SH SOLE 1,190,000
STERLING COMMERCE INC. COM 859205106 17,681 575,000 SH SOLE 575,000
STERLING COMMERCE INC. PUT 859205956 1,230 40,000 PUT SOLE
SUNRISE ASSISTED LIVING, INC. COM 86768K106 20,047 440,000 SH SOLE 440,000
SUNRISE ASSISTED LIVING, INC. PUT 86768K956 456 10,000 PUT SOLE
TECO ENERGY, INC COM 872375100 5,963 300,000 SH SOLE 300,000
TIFFANY & COMPANY COM 886547108 9,531 127,500 SH SOLE 127,500
UNITED WATER RESOURCES, INC. COM 913190104 12,450 600,000 SH SOLE 600,000
WACHOVIA CORP. COM 929771103 15,426 190,000 SH SOLE 190,000
WASHINGTON GAS LIGHT CO. COM 938838101 5,815 257,000 SH SOLE 257,000
WELLS FARGO & CO. COM 949746101 19,284 550,000 SH SOLE 550,000
WILLIAMS COMPANIES, INC. COM 969457100 19,750 500,000 SH SOLE 500,000
WILLIAMS COMPANIES, INC. PUT 969457950 593 15,000 PUT SOLE
WILMINGTON TRUST CORP. COM 971807102 11,996 210,000 SH SOLE 210,000
1,719,042
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