<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: September 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. October 27, 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: ____127______
Form 13F Information Table Value Total: $_1,712______
(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 15,776 430,000 SH SOLE 430,000
ABBOTT LABORATORIES CALL 002824900 1,101 30,000 CALL
ALBERTSON'S INC. COM 013104104 12,213 308,700 SH SOLE 308,700
ALBERTSON'S INC. PUT 013104954 1,040 26,300 PUT
ALZA CORPORATION COM 022615108 14,556 340,000 SH SOLE 340,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 17,984 379,600 SH SOLE 379,600
AMERICAN HOME PRODUCTS CORP. COM 026609107 19,090 460,000 SH SOLE 460,000
AMERICAN HOME PRODUCTS CORP. CALL 026609907 1,037 25,000 CALL
AMERICAN INT'L. GROUP INC. COM 026874107 44,012 506,250 SH SOLE 506,250
AMERICAN RETIREMENT CORP. COM 028913101 1,483 151,100 SH SOLE 151,100
AMER. RET. CORP 5.75% CONV DUE 2OO2 DEBS 028913AA9 2,880 4,000,000 PRN SOLE 4,000,000
AMERITECH CORP. COM 030954101 20,692 310,000 SH SOLE 310,000
ANNUITY AND LIFE RE (HOLDINGS), LTD. COM G03910109 17,413 700,000 SH SOLE 700,000
ASSOC. FIRST CAPITAL CORP. SER. A COM 046008108 19,685 546,800 SH SOLE 546,800
AVERY DENNISON CORP. COM 053611109 11,457 217,200 SH SOLE 217,200
AVERY DENNISON CORP PUT 053611959 1,582 30,000 PUT
BP AMOCO PLC SPN ADRS 055662104 16,621 150,000 ADR SOLE 150,000
BANK ONE CORP COM 06443A103 11,488 330,000 SH SOLE 330,000
BAXTER INTERNATIONAL COM 071813109 15,364 255,000 SH SOLE 255,000
BELLSOUTH CORP. COM 079860102 20,020 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 13,706 300,000 SH SOLE 300,000
BLACK & DECKER CORP. PUT 091797950 685 15,000 PUT
BLACK HILLS CORP. COM 092113109 12,938 555,000 SH SOLE 555,000
CANADIAN NATIONAL RAILWAY. COM 136375102 1,818 60,000 SH SOLE 60,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 775 15,000 SH SOLE 15,000
CHIRON CORP. COM 170040109 15,228 550,000 SH SOLE 550,000
CINERGY CORP. COM 172474108 8,494 300,000 SH SOLE 300,000
CICSO SYSTEMS, INC. COM 17275R102 62,906 917,500 SH SOLE 917,500
COCA-COLA CO. COM 191216100 8,203 170,000 SH SOLE 170,000
CONSOLIDATED PAPERS INC. COM 209759109 11,019 410,000 SH SOLE 410,000
CORNING, INC. COM 219350105 31,539 460,000 SH SOLE 460,000
CORNING, INC CALL 219350905 1,028 15,000 CALL
CORNING, INC PUT 219350955 686 10,000 PUT
CBRL GROUP, INC. COM 224100107 5,270 340,000 SH SOLE 340,000
DST SYSTEMS INC. COM 233326107 18,143 319,000 SH SOLE 319,000
DST SYSTEMS INC CALL 236326907 1,365 24,000 CALL
DEAN FOODS CO. COM 242361103 13,069 300,000 SH SOLE 300,000
DELPHI AUTOMOTIVE, INC. COM 247126105 10,601 660,000 SH SOLE 660,000
DOVER CORP. COM 260003108 10,628 260,000 SH SOLE 260,000
ELAN CORP. PLC ADRS 284131208 29,199 870,000 SH SOLE 870,000
ENDESA, S.A. ADRS 29258N107 6,694 350,000 SH SOLE 350,000
ENGELHARD CORP. COM 292845104 5,475 300,000 SH SOLE 300,000
ENRON CORP. COM 293561106 20,531 500,000 SH SOLE 250,000
ERICSSON(L.M.) TEL. 4.25% CV DUE 2000 DEBS 294821509 1,012 120,000 PRN SOLE 120,000
ERISSON (L.M.) TELEPHONE CO. COM 294821400 23,437 750,000 SH SOLE 750,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 18,720 360,000 SH SOLE 360,000
FINANCIAL SEC. ASSURANCE HOLDINGS LTD COM 31769P100 15,888 307,387 SH SOLE 307,387
FIRST DATA CORP. COM 319963104 15,092 343,980 SH SOLE 343,980
FORT JAMES CORP. COM 347471104 15,345 575,000 SH SOLE 575,000
FORT JAMES CORP. PUT 347471954 400 15,000 PUT
GENERAL ELECTRIC CO. COM 369604103 77,658 655,000 SH SOLE 655,000
GILLETTE CO. COM 375766102 14,903 439,120 SH SOLE 439,120
GLOBAL CROSSING LTD COM G3921A100 24,446 922,500 SH SOLE 922,500
GLOBAL CROSSING LTD PUT G3921A950 397 15,000 PUT
GREENPOINT FINANCIAL CORP. COM 395384100 11,289 425,000 SH SOLE 425,000
GREENPOINT FINANCIAL CORP. PUT 395384950 266 10,000 PUT
HEWLETT-PACKARD CO. COM 428236103 18,150 200,000 SH SOLE 200,000
HEWLETT-PACKARD CO. PUT 428236953 907 10,000 PUT
HOUSTON IND. INC. 7% CV DUE 7/1/2000 DECS 442161204 15,300 150,000 SH SOLE 150,000
INTEGRATED HEALTH SER. 5.75% CV DUE DEBS 45812CAB2 137 1,375,000 PRN SOLE 1,375,000
INTEL CORP. COM 458140100 25,266 340,000 SH SOLE 340,000
INTERSTATE BAKERIES CORP. COM 46072H108 3,174 138,000 SH SOLE 138,000
INTERNATIONAL NETWORK SERVICE COM 460053101 21,750 400,000 SH SOLE 400,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 16,500 480,000 SH SOLE 480,000
IVEX PACKAGING CORP. COM 465855104 6,000 600,000 SH SOLE 600,000
LILLY (ELI) & CO. COM 532457108 18,614 290,000 SH SOLE 290,000
LILLY (ELI) & CO. CALL 532457908 1,284 20,000 CALL
LUCENT TECHNOLOGIES INC. COM 549463107 11,029 170,000 SH SOLE 170,000
LUCENT TECHNOLOGIES INC. CALL 549463907 1,297 20,000 CALL SOLE
MCI WORLDCOM, INC. COM 55268B106 29,469 410,000 SH SOLE 410,000
MCDONALD'S COR. COM 580135101 24,220 560,000 SH SOLE 560,000
MEAD CORP. COM 582834107 13,750 400,000 SH SOLE 400,000
MEDIAONE GROUP INC. COM 58440J104 10,247 150,000 SH SOLE 150,000
MEADIAONE GROUP, INC. 6.25% DUE 2001 PIES 58440J401 8,920 85,000 SH SOLE 85,000
MELLON BANK CORP. COM 585509102 14,122 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 19,444 300,000 SH SOLE 300,000
MOBIL CORP. COM 607059102 12,090 120,000 SH SOLE 120,000
MOTOROLA, INC. COM 620076109 14,245 161,874 SH SOLE 161,874
NATIONAL CITY CORP. COM 635405103 4,270 160,000 SH SOLE 160,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 40,688 600,000 SH SOLE 600,000
NOKIA CORP. PFD ADRS 654902204 43,589 485,000 SH SOLE 485,000
NOKIA CORP. PFD. ADR CALL 654902204 1,797 20,000 CALL SOLE
NORTEL NETWORKS LTD COM 656569100 38,760 760,000 SH SOLE 760,000
NORTEL NETWORKS LTD CALL 656569900 1,020 20,000 CALL
NORTHWESTERN CORP. COM 668074107 11,375 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 12,740 280,000 280,000
ORACLE CORP PUT 68389X955 2,275 50,000 PUT
OWENS-ILLINOIS INC. COM 690768403 12,086 610,000 SH SOLE 610,000
OWENS-ILLINOIS INC PUT 690768953 793 40,000 PUT
PALL CORP. COM 696429307 13,913 600,000 SH SOLE 600,000
PEOPLES HERITAGE FINANCIAL GROUP COM 711147108 7,880 474,000 SH SOLE 474,000
PEPSICO, INC. COM 713448108 8,998 295,000 SH SOLE 295,000
PEPSICO, INC. CALL 713448908 458 15,000 CALL
PETROLEUM & RESOURCES CORP. COM 716549100 38,734 1,145,570 SH SOLE 1,145,750
PHARMACIA & UPJOHN INC. COM 716941109 14,888 300,000 SH SOLE 300,000
PHARMACIA & UPJOHN INC PUT 716941959 496 10,000 PUT
POLO RALPH LAUREN CORP. COM 731572103 2,422 135,000 SH SOLE 135,000
PROVIDENT BANKSHARES CORP. COM 743859100 6,467 303,875 SH SOLE 303,875
QRS CORP. COM 74726X105 32,223 502,500 SH SOLE 502,500
QWEST COMMUNICATIONS INT'L. INC. COM 749121109 23,414 792,012 SH SOLE 792,012
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 6,125 125,000 SH SOLE 125,000
QWEST COMMUNICATIONS INT'L. INC CALL 749121909 1,330 45,000 CALL
RCN CORP PUT 749361951 2,050 50,000 PUT
RALSTON PURINA CO. 7% DUE 2000 COM 751227401 8,460 180,000 SH SOLE 180,000
ROYAL DUTCH PETROLEUM CO. GLDR1.25 780257804 10,631 180,000 SH SOLE 180,000
RYDER SYSTEM INC. COM 783549108 12,225 600,000 SH SOLE 600,000
SBC COMMUNICATIONS INC. COM 78387G103 19,404 380,000 SH SOLE 380,000
SAPIENT CORP COM 803062108 25,448 270,000 270,000
SAPIENT CORP PUT 803062958 4,712 50,000 PUT
SCHLUMBERGER, LTD COM 806857108 5,508 88,400 SH SOLE 88,400
SMITHKLINE BEECHAM PLC ADRS 832378301 14,983 260,000 SH SOLE 260,000
SOLECTRON CORP. COM 834182107 72,531 1,010,000 SH SOLE 1,010,000
STERLING COMMERCE INC. COM 859205106 10,673 575,000 SH SOLE 575,000
STERLING COMMERCE INC. PUT 859205956 186 10,000 PUT SOLE
SUNRISE ASSISTED LIVING, INC. COM 86768K106 11,688 440,000 SH SOLE 440,000
TECO ENERGY, INC COM 872375100 6,338 300,000 SH SOLE 300,000
TIFFANY & COMPANY COM 886547108 11,987 200,000 SH SOLE 200,000
TIFFANY & COMPANY CALL 886547908 1,199 20,000 CALL
TIME WARNER TELECOM COM 887319101 7,922 379,500 SH SOLE 379,500
TIME WARNER TELECOM PUT 887319951 1,253 60,000 PUT
UNITED WATER RESOURCES, INC. COM 913190104 19,575 600,000 SH SOLE 600,000
VODAFONE AIRTOUCH PLC ADRS 92857T107 13,671 57,500 SH SOLE 57,500
WACHOVIA CORP. COM 929771103 14,939 190,000 SH SOLE 190,000
WELLS FARGO & CO. COM 949746101 21,793 550,000 SH SOLE 550,000
WILLIAMS COMPANIES, INC. COM 969457100 18,812 500,000 SH SOLE 500,000
WILMINGTON TRUST CORP. COM 971807102 10,198 210,000 SH SOLE 210,000
1,711,937
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