<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: December 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. February 14, 2000
[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: $_2,167______
(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>
SHARES/ SH/ PUT/ VOTING AUTHORITY
PRIN.AMT PRN CALL
<C> <C> <C>
SOLE SHARED NONE
<C> <C> <C>
ABBOTT LABORATORIES COM 002824100 9,260 255,000 SH SOLE 255,000
ALZA CORPORATION COM 022615108 11,772 340,000 SH SOLE 340,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 19,810 379,600 SH SOLE 379,600
AMBAC FINANCIAL GROUP, INC. CALL 023139908 783 15,000 CALL
AMERICAN HOME PRODUCTS CORP. COM 026609107 16,681 425,000 SH SOLE 425,000
AMERICAN HOME PRODUCTS CORP. CALL 026609907 1,037 25,000 CALL
AMERICAN INT'L. GROUP INC. COM 026874107 54,738 506,250 SH SOLE 506,250
ANNUITY AND LIFE RE (HOLDINGS), LTD. COM G03910109 18,288 700,000 SH SOLE 700,000
ASSOC. FIRST CAPITAL CORP. SER. A COM 046008108 15,003 546,800 SH SOLE 546,800
AVERY DENNISON CORP. COM 053611109 16,557 227,200 SH SOLE 227,200
BMC SOFTWARE INC. COM 055921100 21,983 275,000 SH SOLE 275,000
BMC SOFTWARE INC. PUT 055921950 1,599 20,000 PUT
BP AMOCO PLC SPN ADRS 055662104 17,794 300,000 ADR SOLE 300,000
BANK ONE CORP COM 06443A103 10,560 330,000 SH SOLE 330,000
BAXTER INTERNATIONAL COM 071813109 16,017 255,000 SH SOLE 255,000
BELLSOUTH CORP. COM 079860102 20,598 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 15,675 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 12,314 555,000 SH SOLE 555,000
CALPINE CORP. COM 131347106 2,240 35,000 SH SOLE 35,000
CALPINE CAP TRST 5.75% CV HIGH TIDES PFD 131346207 8,141 125,000 SH SOLE 125,000
CANADIAN NATIONAL RAILWAY. COM 136375102 1,590 60,000 SH SOLE 60,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 630 15,000 SH SOLE 15,000
CHIRON CORP. COM 170040109 23,306 550,000 SH SOLE 550,000
CINERGY CORP. COM 172474108 7,181 300,000 SH SOLE 300,000
CICSO SYSTEMS, INC. COM 17275R102 98,287 917,500 SH SOLE 917,500
COCA-COLA CO. COM 191216100 9,903 170,000 SH SOLE 170,000
CONSOLIDATED PAPERS INC. COM 209759109 13,043 410,000 SH SOLE 410,000
CORNING, INC. COM 219350105 59,311 460,000 SH SOLE 460,000
CORNING, INC CALL 219350905 1,934 15,000 CALL
DST SYSTEMS INC. COM 233326107 5,341 70,000 SH SOLE 70,000
DST SYSTEMS INC CALL 236326907 1,831 24,000 CALL
DEAN FOODS CO. COM 242361103 11,925 300,000 SH SOLE 300,000
DELPHI AUTOMOTIVE, INC. COM 247126105 10,868 690,000 SH SOLE 690,000
DOVER CORP. COM 260003108 11,798 260,000 SH SOLE 260,000
ELAN CORP. PLC ADRS 284131208 25,665 870,000 SH SOLE 870,000
ENDESA, S.A. ADRS 29258N107 7,065 350,000 SH SOLE 350,000
ENGELHARD CORP. COM 292845104 6,040 320,000 SH SOLE 320,000
ENRON CORP. COM 293561106 22,188 500,000 SH SOLE 500,000
ERICSSON(L.M.) TEL. 4.25% CV DUE 2000 DEBS 294821509 2,250 120,000 PRN SOLE 120,000
ERISSON (L.M.) TELEPHONE CO. COM 294821400 49,266 750,000 SH SOLE 750,000
EXXON MOBIL CORP. COM 30231G102 12,763 158,418 SH SOLE 158,418
EXXON MOBIL CORP. CALL 30231G952 1,208 15,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 16,943 360,000 SH SOLE 360,000
FINANCIAL SEC. ASSURANCE HOLDINGS LTD COM 31769P100 16,022 307,387 SH SOLE 307,387
FIRST DATA CORP. COM 319963104 16,962 343,980 SH SOLE 343,980
FORT JAMES CORP. COM 347471104 13,688 500,000 SH SOLE 500,000
GENERAL ELECTRIC CO. COM 369604103 101,361 655,000 SH SOLE 655,000
GILLETTE CO. COM 375766102 18,086 439,120 SH SOLE 439,120
GLOBAL CROSSING LTD COM G3921A100 46,125 922,500 SH SOLE 922,500
GLOBAL CROSSING LTD CALL G3921A900 1,000 20,000 PUT
GREENPOINT FINANCIAL CORP. COM 395384100 10,358 435,000 SH SOLE 435,000
HEWLETT-PACKARD CO. COM 428236103 22,750 200,000 SH SOLE 200,000
HEWLETT-PACKARD CO. PUT 428236953 1,706 15,000 PUT
HOUSTON IND. INC. 7% CV DUE 7/1/2000 DECS 442161204 18,075 150,000 SH SOLE 150,000
INTEL CORP. COM 458140100 27,986 340,000 SH SOLE 340,000
INTERSTATE BAKERIES CORP. COM 46072H108 2,501 138,000 SH SOLE 138,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 20,700 450,000 SH SOLE 450,000
IVEX PACKAGING CORP. COM 465855104 9,000 900,000 SH SOLE 900,000
JOHNSON & JOHNSON COM 478160104 10,257 110,000 SH SOLE 110,000
JOHNSON & JOHNSON PUT 478160954 932 10,000 PUT
LILLY (ELI) & CO. COM 532457108 19,285 290,000 SH SOLE 290,000
LILLY (ELI) & CO. CALL 532457908 1,284 20,000 CALL
LUCENT TECHNOLOGIES INC. COM 549463107 38,073 508,920 SH SOLE 508,920
LUCENT TECHNOLOGIES INC. CALL 549463907 1,297 20,000 CALL SOLE
MCI WORLDCOM, INC. COM 55268B106 32,633 615,000 SH SOLE 615,000
MCI WORLDCOM, INC. CALL 55268B906 796 15,000 CALL
MCDONALD'S CORP. COM 580135101 22,575 560,000 SH SOLE 560,000
MEAD CORP. COM 582834107 17,375 400,000 SH SOLE 400,000
MEDIAONE GROUP INC. COM 58440J104 11,522 150,000 SH SOLE 150,000
MEADIAONE GROUP, INC. 6.25% DUE 2001 PIES 58440J401 9,180 85,000 SH SOLE 85,000
MELLON BANK CORP. COM 585509102 14,306 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 20,156 300,000 SH SOLE 300,000
MOTOROLA, INC. COM 620076109 23,836 161,874 SH SOLE 161,874
NATIONAL CITY CORP. COM 635405103 3,790 160,000 SH SOLE 160,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 61,875 600,000 SH SOLE 600,000
NEXTEL COMMUNICATIONS, INC. CALL 65333H907 1,031 10,000 CALL
NOKIA CORP. PFD ADRS 654902204 92,150 485,000 SH SOLE 485,000
NOKIA CORP. PFD. ADR CALL 654902204 190 10,000 CALL SOLE
NORTEL NETWORKS LTD COM 656569100 76,760 760,000 SH SOLE 760,000
NORTEL NETWORKS LTD CALL 656569900 1,515 15,000 CALL
NORTHWESTERN CORP. COM 668074107 11,000 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 33,058 295,000 SH SOLE 295,000
ORACLE CORP PUT 68389X955 560 5,000 PUT
OWENS-ILLINOIS INC. COM 690768403 13,408 535,000 SH SOLE 535,000
PALL CORP. COM 696429307 12,938 600,000 SH SOLE 600,000
PEOPLES HERITAGE FINANCIAL GROUP COM 711147108 7,140 474,000 SH SOLE 474,000
PEPSICO, INC. COM 713448108 10,399 295,000 SH SOLE 295,000
PETROLEUM & RESOURCES CORP. COM 716549100 39,025 1,210,085 SH SOLE 1,210,085
PHARMACIA & UPJOHN INC. COM 716941109 13,950 310,000 SH SOLE 310,000
PROVIDENT BANKSHARES CORP. COM 743859100 5,261 303,875 SH SOLE 303,875
QRS CORP. COM 74726X105 52,762 502,500 SH SOLE 502,500
QWEST COMMUNICATIONS INT'L. INC. COM 749121109 34,056 792,012 SH SOLE 792,012
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 8,844 125,000 SH SOLE 125,000
QWEST COMMUNICATIONS INT'L. INC CALL 749121909 1,935 45,000 CALL
RCN CORP COM 749361101 8,366 172,500 SH SOLE 172,500
RALSTON PURINA CO. 7% DUE 2000 COM 751227401 6,581 180,000 SH SOLE 180,000
ROYAL DUTCH PETROLEUM CO. GLDR1.25 780257804 4,845 80,000 SH SOLE 80,000
RYDER SYSTEM INC. COM 783549108 10,875 445,000 SH SOLE 445,000
SBC COMMUNICATIONS INC. COM 78387G103 38,413 787,960 SH SOLE 787,960
SAPIENT CORP COM 803062108 80,334 570,000 SH SOLE 570,000
SAPIENT CORP PUT 803062958 11,275 80,000 PUT
SCHLUMBERGER, LTD COM 806857108 4,973 88,400 SH SOLE 88,400
SMITHKLINE BEECHAM PLC ADRS 832378301 16,672 260,000 SH SOLE 260,000
SOLECTRON CORP. COM 834182107 95,125 1,000,000 SH SOLE 1,000,000
STERLING COMMERCE INC. COM 859205106 19,550 575,000 SH SOLE 575,000
TECO ENERGY, INC COM 872375100 5,569 300,000 SH SOLE 300,000
TIFFANY & COMPANY COM 886547108 17,850 200,000 SH SOLE 200,000
TIME WARNER TELECOM COM 887319101 20,200 404,500 SH SOLE 404,500
TIME WARNER TELECOM PUT 887319951 1,253 60,000 PUT
TRANSOCEAN SEDCO FOREX INC. COM G90078109 577 17,114 SH SOLE 17,114
UNITED WATER RESOURCES, INC. COM 913190104 20,512 600,000 SH SOLE 600,000
VODAFONE AIRTOUCH PLC ADRS 92857T107 14,231 287,500 SH SOLE 287,500
WACHOVIA CORP. COM 929771103 12,920 190,000 SH SOLE 190,000
WELLS FARGO & CO. COM 949746101 22,241 550,000 SH SOLE 550,000
WILLIAMS COMMUNICATIONS GROUP INC. COM 969455104 6,366 220,000 SH SOLE 220,000
WILLIAMS COMPANIES, INC. COM 969457100 15,281 500,000 SH SOLE 500,000
WILMINGTON TRUST CORP. COM 971807102 10,133 210,000 SH SOLE 210,000
2,166,802
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