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, 2002
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. Sloan____
Title: __Assistant Treasurer___
Phone: __(401) 752-5900________
Signature, Place, and Date of Signing:
__(signed)_Christine M. Sloan Baltimore, Md. April 18 2002
[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: ____105_____
Form 13F Information Table Value Total: $_1,268_______
(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.]
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COL. 6 COLUMN 7 COLUMN 8
------------------------------- -------- -------- -------- ------------------ ------ -------- ----------------------
TITLE OF VALUE - OTHER
NAME OF ISSUER CLASS CUSIP (x$1000) INVSTM MANAGERS
T
DSCRET
N
SHARES/ SH/P PUT/ VOTING AUTHORITY
PRIN.AMT RN CALL
SOLE SHARE NONE
D
ABBOTT LABORATORIES COM 002824100 18,410 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 6,086 210,000 SH SOLE 210,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 33,634 569,400 SH SOLE 569,400
AMERICAN INTL. GROUP INC. COM 026874107 54,781 759,375 SH SOLE 759,375
AMERICAN INTL. GROUP INC. PUT 026874957 1,443 20,000 PUT
APPLERA CORP. COM 038020103 4,694 210,000 SH SOLE 210,000
BJ WHOLESALE CLUB COM 05548J106 18,998 425,000 SH SOLE 425,000
BJ WHOLESALE CLUB PUT 05548J956 670 15,000 PUT
BMC SOFTWARE INC. COM 055921100 6,030 310,000 SH SOLE 310,000
BP PLC ADRS 055622104 14,337 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 12,490 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 5,484 400,000 SH SOLE 400,000
BELLSOUTH CORP. COM 079860102 16,218 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 13,962 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 15,066 450,000 SH SOLE 450,000
BRINKER INTL INC. COM 109641100 16,205 500,000 SH SOLE 500,000
BRINKER INTL INC. PUT 109641950 1,296 40,000 PUT
BRISTOL MYERS SQUIBB COM 110122108 12,147 300,000 SH SOLE 300,000
BRISTOL MYERS SQUIBB PUT 110122958 1,822 45,000 PUT
CALIPER TECHNOLOGIES COM 130876105 2,918 225,000 SH SOLE 225,000
CANADIAN NATIONAL RAILWAY. COM 136375102 4,247 85,000 SH SOLE 85,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 11,264 170,000 SH SOLE 170,000
CINERGY CORP. COM 172474108 15,730 440,000 SH SOLE 440,000
CISCO SYSTEMS, INC. COM 17275R102 29,712 1,755,000 SH SOLE 1,755,000
CISCO SYTEMS, INC. CALL 17275R102 846 50,000 CALL
CITIGROUP INC. COM 172967101 14,113 285,000 SH SOLE 285,000
CITIGROUP INC. CALL 172967901 990 20,000 CALL
COCA-COLA CO. COM 191216100 8,884 170,000 SH SOLE 170,000
CORNING, INC. COM 219350105 8,915 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. COM 242361103 18,074 238,700 SH SOLE 238,700
DIAMONDCLUSTER INTER. COM 25278P106 6,428 497,500 SH SOLE 497,500
DUKE ENERGY CORP COM 264399106 13,419 355,000 SH SOLE 355,000
DUKE ENERGY 8.25% UNITS PFD 264399585 10,284 400,000 SH SOLE 400,000
ELAN CORP. PLC ADRS 284131208 2,782 200,000 SH SOLE 200,000
ENGELHARD CORP. COM 292845104 5,430 175,000 SH SOLE 175,000
ENZON, INC. COM 293904108 4,429 100,000 SH SOLE 100,000
ERICSSON (L.M.) TELEPHONE CO. COM 294821400 8,360 2,000,000 SH SOLE 2,000,000
EXXON MOBIL CORP. COM 30231G102 13,887 316,836 SH SOLE 316,836
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 21,863 345,000 SH SOLE 345,000
FEDERAL HOME LOAN MORTGAGE CORP. CALL 313400901 950 15,000 CALL
FEDERAL HOME LOAN MORTGAGE CORP. PUT 313400951 1,584 25,000 PUT
GENENTECH, INC. COM 368710406 15,135 300,000 SH SOLE 300,000
GENENTECH, INC. CALL 367710906 1,261 25,000 CALL
GENERAL ELECTRIC CO. COM 369604103 48,685 1,300,000 SH SOLE 1,300,000
GENERAL ELECTRIC CO. CALL 369604903 562 15,000 CALL
GLAXOSMITHKLINE PLC COM 37733W105 11,767 250,360 SH SOLE 250,360
GREENPOINT FINANCIAL CORP. COM 395384100 19,009 435,000 SH SOLE 435,000
GREENPOINT FINANCIAL CORP. CALL 395384900 1,092 25,000 CALL
HCA INC. COM 404119109 17,191 390,000 SH SOLE 390,000
HERSHEY FOODS CORP COM 427866108 17,478 255,000 SH SOLE 255,000
HERSHEY FOODS CORP CALL 427866908 1,364 19,900 CALL
HUMAN GENOME SCIENCES COM 444903108 4,358 200,000 SH SOLE 200,000
ITT INDUSTRIES COM 450911102 12,608 200,000 SH SOLE 200,000
ITT INDUSTRIES CALL 450911902 630 10,000 CALL
INTEL CORP. COM 458140100 20,983 690,000 SH SOLE 690,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 22,815 300,000 SH SOLE 300,000
INVESTORS FINANCIAL SERV. CORP. CALL 461915901 456 6,000 CALL
JOHNSON & JOHNSON COM 478160104 23,382 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 14,556 400,000 SH SOLE 400,000
LILLY (ELI) & CO. COM 532457108 14,478 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 1,892 400,000 SH SOLE 400,000
MELLON BANK CORP. COM 58551A108 16,208 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 14,395 250,000 SH SOLE 250,000
MINNESOTA MINING & MFG COM 604059105 24,727 215,000 SH SOLE 215,000
MINNESOTA MINING & MFG. CALL 604059905 3,450 30,000 CALL
MOTOROLA, INC. COM 620076109 7,038 495,622 SH SOLE 495,622
NEXTEL COMMUNICATIONS, INC. COM 65332V103 5,595 1,040,000 SH SOLE 1,040,000
NEXTEX COMM. INC. 5.25% DUE 1/2010 DEBS 65332VAY9 5,075 10,000,000 SH SOLE 10,000,000
NOKIA CORP. PFD ADRS 654902204 28,621 1,380,000 SH SOLE 1,380,000
NOKIA CORP. PFD CALL 654902900 1,037 50,000 CALL
NORTHWESTERN CORP. COM 668074107 11,000 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 11,264 880,000 SH SOLE 880,000
PEPSICO, INC. COM 713448108 20,600 400,000 SH SOLE 400,000
PEPSICO, INC. PUT 713448958 2,060 40,000 PUT
PETROLEUM & RESOURCES CORP. COM 716549100 48,322 1,913,761 SH SOLE 1,913,761
PFIZER,INC. COM 717081103 16,492 415,000 SH SOLE 415,000
PHARMACIA CORP. COM 71713U102 16,630 368,900 SH SOLE 368,900
PHILADELPHIA SUBURBAN CORP COM 718009608 3,878 165,000 SH SOLE 165,000
PROCTER & GAMBLE CO. COM 742718109 15,315 170,000 SH SOLE 170,000
PROCTER & GAMBLE CO. CALL 742718909 2,252 25,000 CALL
PROCTER & GAMBLE CO. PUT 742718959 2,703 30,000 PUT
PROVIDENT BANKSHARES CORP. COM 743859100 8,041 335,021 SH SOLE 335,021
ROHM & HAAS COM 775371107 10,990 260,000 SH SOLE 260,000
SBC COMMUNICATIONS INC. COM 78387G103 26,208 700,000 SH SOLE 700,000
SAFEWAY, INC. COM 786514208 18,008 400,000 SH SOLE 400,000
SAPIENT CORP COM 803062108 5,463 1,150,000 SH SOLE 1,150,000
SIEBEL SYSTEMS INC. COM 826170102 8,316 255,000 SH SOLE 255,000
SIEBEL SYSTEMS INC. PUT 826170952 2,120 65,000 PUT
SOLECTRON CORP. COM 834182107 15,600 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 4,542 515,000 SH SOLE 515,000
SYMANTEC CORP 3.00% CONV SUB NOTES PFD 871503AA6 701 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 10,303 250,000 SH SOLE 250,000
SYMANTEC CORP CALL 871503908 1,648 40,000 CALL
TECO ENERGY, INC COM 872375100 18,610 650,000 SH SOLE 650,000
TARGET CORP COM 87612E106 18,757 435,000 SH SOLE 435,000
TARGET CORP PUT 886547958 1,725 40,000 PUT
TIFFANY & COMPANY COM 886547108 11,731 330,000 SH SOLE 330,000
UNITED PARCEL SERVICE COM 911312106 19,152 315,000 SH SOLE 315,000
UNITED TECHNOLOGIES COM 913017109 29,680 400,000 SH SOLE 400,000
VERTEX PHARMACEUTICALS INC. COM 92532F100 6,910 248,016 SH SOLE 248,016
VODAFONE AIRTOUCH PLC ADRS 92857W100 9,079 492,614 SH SOLE 492,614
WACHOVIA CORP. COM 929903102 14,090 380,000 SH SOLE 380,000
WELLS FARGO & CO. COM 949746101 27,170 550,000 SH SOLE 550,000
WILMINGTON TRUST CORP. COM 971807102 14,135 210,000 SH SOLE 210,000
WYETH COMPANY COM 983024100 19,695 300,000 SH SOLE 300,000
1,267,920