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020 A000003 SALOMON SMITH BARNEY, INC.
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<PAGE> PAGE 2
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SIGNATURE MAUREEN A. JONES
TITLE VICE PRES. & TREAS.
PRICEWATERHOUSECOOPERS (LOGO)
- --------------------------------------------------------------
PRICEWATERHOUSECOOPERSLLP
250 WEST PRATT STREET
BALTIMORE MD 21201-2304
TEL: 410-783-7600
FAX: 410-783-7680
REPORT OF INDEPENDENT ACCOUNTANTS
_______
To the Board of Directors of
The Adams Express Company:
In planning and performing our audit of the financial
statements and financial highlights of The Adams Express
Company (hereafter referred to as the "Company") for the
year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.
The management of the Company is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements and financial highlights for
external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements and
financial highlights being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its
that we consider to be material weaknesses as defined above
as of December 31, 1999.
This report is intended solely for the information and use
of the Board of Directors and management of The Adams
Express Company, and the Securities and Exchange Commission.
/S/ PricewaterhouseCoopers LLP
Baltimore, Maryland
January 7, 2000
