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, 2000
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 12, 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.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: __________0____
Form 13F Information Table Entry Total: ____116______
Form 13F Information Table Value Total: $_2,274______
(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.
<TABLE>
<CAPTION>
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 8,973 255,000 SH SOLE 255,000
ALZA CORPORATION COM 022615108 12,771 340,000 SH SOLE 340,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 19,122 379,600 SH SOLE 379,600
AMERICAN HOME PRODUCTS CORP. COM 026609107 22,791 425,000 SH SOLE 425,000
AMERICAN INTEL. GROUP INC. COM 026874107 55,434 506,250 SH SOLE 506,250
AMERICAN TOWER CORP. 5% 2/2010 DEB 029912AE2 10,664 9,500,000 SH SOLE 9,500,000
ANNUITY AND LIFE RE (HOLDINGS), LTD. COM G03910109 18,200 700,000 SH SOLE 700,000
ASSOC. FIRST CAPITAL CORP. SER. A COM 046008108 11,722 546,800 SH SOLE 546,800
AVERY DENNISON CORP. COM 053611109 14,521 237,800 SH SOLE 237,200
AVERY DENNISON CORP. PUT 053611959 745 12,200 PUT
BMC SOFTWARE INC. COM 055921100 14,812 300,000 SH SOLE 300,000
BP AMOCO PLC SPN ADRS 055662104 14,327 270,000 ADR SOLE 270,000
BANK ONE CORP COM 06443A103 11,344 330,000 SH SOLE 330,000
BAXTER INTERNATIONAL COM 071813109 15,985 255,000 SH SOLE 255,000
BELLSOUTH CORP. COM 079860102 20,680 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 11,269 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 12,244 555,000 SH SOLE 555,000
CALPINE CORP. COM 131347106 3,290 35,000 SH SOLE 35,000
CALPINE CORP. CALL 131347956 2,350 25,000 CALL
CALPINE CAP TRST 5.75% CV HIGH TIDES PFD 131346207 18,579 202,500 SH SOLE 202,500
CANADIAN NATIONAL RAILWAY. COM 136375102 1,601 60,000 SH SOLE 60,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 626 15,000 SH SOLE 15,000
CHIRON CORP. COM 170040109 27,431 550,000 SH SOLE 550,000
CINERGY CORP. COM 172474108 6,450 300,000 SH SOLE 300,000
CISCO SYSTEMS, INC. COM 17275R102 141,868 1,835,000 SH SOLE 1,835,000
COCA-COLA CO. COM 191216100 7,979 170,000 SH SOLE 170,000
CORNING, INC. COM 219350105 84,390 435,000 SH SOLE 435,000
CORNING, INC CALL 219350905 3,880 20,000 CALL
DEAN FOODS CO. COM 242361103 8,025 300,000 SH SOLE 300,000
DELPHI AUTOMOTIVE, INC. COM 247126105 11,040 690,000 SH SOLE 690,000
DOVER CORP. COM 260003108 12,447 260,000 SH SOLE 260,000
ELAN CORP. PLC ADRS 284131208 41,325 870,000 SH SOLE 870,000
ENDESA, S.A. ADRS 29258N107 8,203 350,000 SH SOLE 350,000
ENGELHARD CORP. COM 292845104 5,672 375,000 SH SOLE 375,000
ENRON CORP. COM 293561106 37,437 500,000 SH SOLE 500,000
ERICSSON(L.M.) TEL. 4.25% CV DUE 2000 DEBS 294821509 3,120 120,000 PRN SOLE 120,000
ERISSON (L.M.) TELEPHONE CO. COM 294821400 70,359 750,000 SH SOLE 750,000
EXXON MOBIL CORP. COM 30231G102 12,327 158,418 SH SOLE 158,418
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 15,907 360,000 SH SOLE 360,000
FINANCIAL SEC. ASSURANCE HOLDINGS LTD COM 31769P100 22,574 307,387 SH SOLE 307,387
FIRST DATA CORP. COM 319963104 15,221 343,980 SH SOLE 343,980
FORT JAMES CORP. COM 347471104 13,420 610,000 SH SOLE 610,000
FORT JAMES CORP. PUT 347471954 550 25,000 PUT
GENERAL ELECTRIC CO. COM 369604103 100,096 645,000 SH SOLE 645,000
GENERAL ELECTRIC CO. CALL 369604903 1,552 10,000 CALL
GLOBAL CROSSING LTD COM G3921A100 29,475 720,000 SH SOLE 720,000
GLOBAL CROSSING LTD CALL G3921A900 819 20,000 PUT
GREENPOINT FINANCIAL CORP. COM 395384100 8,537 435,000 SH SOLE 435,000
HEWLETT-PACKARD CO. COM 428236103 26,512 200,000 SH SOLE 200,000
HEWLETT-PACKARD CO. PUT 428236953 1,326 10,000 PUT
HONEYWELL INT'L INC. COM 438516106 5,269 100,000 SH SOLE 100,000
HONEYWELL INT'L INC. PUT 438516956 2,371 45,000 PUT
HOUSTON IND. INC. 7% CV DUE 7/1/2000 DECS 442161204 14,310 90,000 SH SOLE 90,000
INTEL CORP. COM 458140100 44,859 340,000 SH SOLE 340,000
INTERSTATE BAKERIES CORP. COM 46072H108 1,966 138,000 SH SOLE 138,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 24,727 420,000 SH SOLE 420,000
IVEX PACKAGING CORP. COM 465855104 7,018 928,000 SH SOLE 928,000
JOHNSON & JOHNSON COM 478160104 8,863 126,500 SH SOLE 126,500
JOHNSON & JOHNSON PUT 478160954 2,802 40,000 PUT
LEGATO SYSTEMS INC. COM 524651106 12,495 280,000 SH SOLE 280,000
LEGATO SYSTEMS INC. COM 524651956 669 15,000 PUT
LILLY (ELI) & CO. COM 532457108 18,270 290,000 SH SOLE 290,000
LUCENT TECHNOLOGIES INC. COM 549463107 30,917 508,920 SH SOLE 508,920
MCI WORLDCOM, INC. COM 55268B106 24,922 550,000 SH SOLE 550,000
MCDONALD'S CORP. COM 580135101 21,035 560,000 SH SOLE 560,000
MEAD CORP. COM 582834107 13,975 400,000 SH SOLE 400,000
MEDIAONE GROUP INC. COM 58440J104 12,150 150,000 SH SOLE 150,000
MEADIAONE GROUP, INC. 6.25% DUE 2001 PIES 58440J401 10,094 85,000 SH SOLE 85,000
MELLON BANK CORP. COM 585509102 12,390 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 18,637 300,000 SH SOLE 300,000
MOTOROLA, INC. COM 620076109 23,047 161,874 SH SOLE 161,874
MOTOROLA, INC. CALL 620076959 1,424 10,000 CALL
NATIONAL CITY CORP. COM 635405103 3,300 160,000 SH SOLE 160,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 77,090 520,000 SH SOLE 520,000
NEXTEL COMM, INC. 5.25%DUE 1/15/2010 DEB 65332VAW3 11,900 10,000,000 SH SOLE 10,000,00
0
NOKIA CORP. PFD ADRS 654902204 99,935 460,000 SH SOLE 460,000
NOKIA CORP. PFD. ADR CALL 654902204 2,172 10,000 CALL SOLE
NORTEL NETWORKS LTD COM 656569100 93,870 745,000 SH SOLE 745,000
NORTEL NETWORKS LTD CALL 656569900 491 3,900 CALL
NORTHWESTERN CORP. COM 668074107 10,312 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 46,057 590,000 SH SOLE 590,000
ORACLE CORP CALL 68389X955 781 10,000 CALL
OWENS-ILLINOIS INC. COM 690768403 10,294 610,000 SH SOLE 610,000
PALL CORP. COM 696429307 13,462 600,000 SH SOLE 600,000
PEOPLES HERITAGE FINANCIAL GROUP COM 711147108 7,110 474,000 SH SOLE 474,000
PEPSICO, INC. COM 713448108 10,195 295,000 SH SOLE 295,000
PETROLEUM & RESOURCES CORP. COM 716549100 43,563 1,210,085 SH SOLE 1,210,085
PHARMACIA & UPJOHN INC. COM 716941109 18,367 310,000 SH SOLE 310,000
PROVIDENT BANKSHARES CORP. COM 743859100 4,786 303,875 SH SOLE 303,875
QRS CORP. COM 74726X105 32,734 435,000 SH SOLE 435,000
QWEST COMMUNICATIONS INT'L. INC. COM 749121109 36,860 760,000 SH SOLE 760,000
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 9,500 125,000 SH SOLE 125,000
RCN CORP COM 749361101 12,930 240,000 SH SOLE 240,000
RCN CORP PUT 749361951 1,616 30,000 PUT
RALSTON PURINA CO. 7% DUE 2000 COM 751227401 5,254 180,000 SH SOLE 180,000
RYDER SYSTEM INC. COM 783549108 10,095 445,000 SH SOLE 445,000
SBC COMMUNICATIONS INC. COM 78387G103 33,094 787,960 SH SOLE 787,960
SAPIENT CORP COM 803062108 48,228 575,000 SH SOLE 575,000
SAPIENT CORP CALL 803062908 1,677 20,000 CALL
SAPIENT CORP PUT 803062958 838 10,000 PUT
SCHLUMBERGER, LTD COM 806857108 6,763 88,400 SH SOLE 88,400
SMITHKLINE BEECHAM PLC ADRS 832378301 17,176 260,000 SH SOLE 260,000
SOLECTRON CORP. COM 834182107 80,125 2,000,000 SH SOLE 2,000,000
SOLECTRON CORP. PUT 834182957 801 20,000 PUT
TECO ENERGY, INC COM 872375100 5,831 300,000 SH SOLE 300,000
TIFFANY & COMPANY COM 886547108 14,634 175,000 SH SOLE 175,000
TIME WARNER TELECOM COM 887319101 32,157 404,500 SH SOLE 404,500
UNITED WATER RESOURCES, INC. COM 913190104 20,850 600,000 SH SOLE 600,000
VERTEX PHARM 5% CV DUE 3/2007 DEB 92532FAA8 7,437 10,000,000 SH SOLE 10,000,00
0
VODAFONE AIRTOUCH PLC ADRS 92857T107 15,974 287,500 SH SOLE 287,500
WACHOVIA CORP. COM 929771103 12,837 190,000 SH SOLE 190,000
WELLS FARGO & CO. COM 949746101 22,516 550,000 SH SOLE 550,000
WILLIAMS COMMUNICATIONS GROUP INC. COM 969455104 24,284 468,700 SH SOLE 468,700
WILLIAMS COMPANIES, INC. COM 969457100 21,969 500,000 SH SOLE 500,000
WILLIAMS COMPANIES, INC. PUT 969457950 1,977 45,000 PUT
WILMINGTON TRUST CORP. COM 971807102 10,211 210,000 SH SOLE 210,000
2,274,265
</TABLE>
