UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: JUNE 30, 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. August 8 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: ____107_____
Form 13F Information Table Value Total: $_1,083_______
(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 13,178 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 5,038 210,000 SH SOLE 210,000
AFFYMETRIX INC. CALL 00826T901 960 40,000 CALL
ALBEMARLE CORP COM 012653101 923 30,000 SOLE 30,000
ALBEMARLE CORP PUT 012653951 769 25,000 PUT
AMBAC FINANCIAL GROUP, INC. COM 023139108 29,568 440,000 SH SOLE 440,000
AMBAC FINANCIAL GROUP, INC. CALL 023139901 1,680 25,000 CALL
AMERICAN INTL. GROUP INC. COM 026874107 51,812 759,375 SH SOLE 759,375
AMERICAN INTL. GROUP INC. PUT 026874957 2,729 40,000 PUT
APPLERA CORP. COM 038020103 4,093 210,000 SH SOLE 210,000
BJ WHOLESALE CLUB COM 05548J106 16,363 425,000 SH SOLE 425,000
BMC SOFTWARE INC. COM 055921100 5,146 310,000 SH SOLE 310,000
BP PLC ADRS 055622104 13,632 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 12,333 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 3,764 400,000 SH SOLE 400,000
BELLSOUTH CORP. COM 079860102 13,860 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 14,460 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 14,564 420,800 SH SOLE 420,800
BRINKER INTL INC. COM 109641100 15,875 500,000 SH SOLE 500,000
BRINKER INTL INC. PUT 109641950 476 15,000 PUT
BRISTOL MYERS SQUIBB COM 110122108 8,224 320,000 SH SOLE 320,000
BRISTOL MYERS SQUIBB PUT 110122958 642 25,000 PUT
CALIPER TECHNOLOGIES COM 130876105 1,879 225,000 SH SOLE 225,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 11,586 170,000 SH SOLE 170,000
CINERGY CORP. COM 172474108 15,835 440,000 SH SOLE 440,000
CISCO SYSTEMS, INC. COM 17275R102 24,482 1,755,000 SH SOLE 1,755,000
CISCO SYTEMS, INC. CALL 17275R102 2,790 200,000 CALL
CITIGROUP INC. COM 172967101 11,044 285,000 SH SOLE 285,000
CITIGROUP INC. CALL 172967901 775 20,000 CALL
COCA-COLA CO. COM 191216100 10,360 185,000 SH SOLE 185,000
COCA-COLA CO. PUT 191216951 1,960 35,000 PUT
CORNING, INC. COM 219350105 4,154 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. COM 242370104 17,807 477,400 SH SOLE 477,400
DIAMONDCLUSTER INTER. COM 25278P106 2,975 497,500 SH SOLE 497,500
DUKE ENERGY CORP COM 264399106 11,041 355,000 SH SOLE 355,000
DUKE ENERGY 8.25% UNITS PFD 264399585 9,000 400,000 SH SOLE 400,000
ENZON, INC. COM 293904108 2,461 100,000 SH SOLE 100,000
ERICSSON (L.M.) TELEPHONE CO. COM 294821400 2,880 2,000,000 SH SOLE 2,000,000
EXXON MOBIL CORP. COM 30231G102 12,965 316,836 SH SOLE 316,836
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 9,180 150,000 SH SOLE 150,000
FEDERAL HOME LOAN MORTGAGE CORP. CALL 313400901 918 15,000 CALL
FEDERAL HOME LOAN MORTGAGE CORP. PUT 313400951 1,530 25,000 PUT
GENENTECH, INC. COM 368710406 10,050 300,000 SH SOLE 300,000
GENENTECH, INC. CALL 367710906 837 25,000 CALL
GENERAL ELECTRIC CO. COM 369604103 37,765 1,300,000 SH SOLE 1,300,000
GENERAL ELECTRIC CO. CALL 369604903 436 15,000 CALL
GLAXOSMITHKLINE PLC COM 37733W105 10,801 250,360 SH SOLE 250,360
GLAXOSMITHKLINE PLC CALL 37733W901 647 15,000 CALL
GREENPOINT FINANCIAL CORP. COM 395384100 14,730 300,000 SH SOLE 300,000
GREENPOINT FINANCIAL CORP. CALL 395384900 2,455 50,000 CALL
HCA INC. COM 404119109 19,000 400,000 SH SOLE 400,000
HCA INC. PUT 404119951 475 10,000 PUT
HERSHEY FOODS CORP COM 427866108 15,938 255,000 SH SOLE 255,000
HERSHEY FOODS CORP CALL 427866908 1,244 19,900 CALL
ITT INDUSTRIES COM 450911102 7,060 100,000 SH SOLE 100,000
ITT INDUSTRIES CALL 450911902 4,236 60,000 CALL
INTEL CORP. COM 458140100 12,606 690,000 SH SOLE 690,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 20,124 600,000 SH SOLE 600,000
INVESTORS FINANCIAL SERV. CORP. CALL 461915901 1,073 32,000 CALL
JOHNSON & JOHNSON COM 478160104 18,814 360,000 SH SOLE 360,000
JOHNSON & JOHNSON CALL 478161901 784 15,000 CALL
KEYSPAN CORP. COM 49337W100 15,060 400,000 SH SOLE 400,000
LILLY (ELI) & CO. COM 532457108 10,716 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 664 400,000 SH SOLE 400,000
MELLON BANK CORP. COM 58551A108 13,201 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 12,660 250,000 SH SOLE 250,000
NEXTEL COMMUNICATIONS, INC. COM 65332V103 1,926 600,000 SH SOLE 600,000
NEXTEl COMM. INC. 5.25% DUE 1/2010 DEBS 65332VAY9 4,225 10,000,000 SH SOLE 10,000,000
NOKIA CORP. PFD ADRS 654902204 19,982 1,380,000 SH SOLE 1,380,000
NOKIA CORP. PFD CALL 654902900 724 50,000 CALL
NORTHWESTERN CORP. COM 668074107 8,475 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 8,334 880,000 SH SOLE 880,000
PEPSICO, INC. COM 713448108 19,280 400,000 SH SOLE 400,000
PEPSICO, INC. PUT 713448958 1,928 40,000 PUT
PETROLEUM & RESOURCES CORP. COM 716549100 43,576 1,913,761 SH SOLE 1,913,761
PFIZER,INC. COM 717081103 14,525 415,000 SH SOLE 415,000
PHARMACIA CORP. COM 71713U102 13,815 368,900 SH SOLE 368,900
PHILADELPHIA SUBURBAN CORP COM 718009608 17,271 855,000 SH SOLE 855,000
PROCTER & GAMBLE CO. COM 742718109 15,181 170,000 SH SOLE 170,000
PROCTER & GAMBLE CO. CALL 742718909 2,232 25,000 CALL
PROCTER & GAMBLE CO. PUT 742718959 5,804 65,000 PUT
PROVIDENT BANKSHARES CORP. COM 743859100 7,937 335,021 SH SOLE 335,021
ROHM & HAAS COM 775371107 14,576 360,000 SH SOLE 360,000
SBC COMMUNICATIONS INC. COM 78387G103 21,350 700,000 SH SOLE 700,000
SAFEWAY, INC. COM 786514208 11,676 400,000 SH SOLE 400,000
SAFEWAY, INC. PUT 786514951 219 7,500 PUT
SAPIENT CORP COM 803062108 1,219 1,150,000 SH SOLE 1,150,000
SIEBEL SYSTEMS INC. COM 826170102 4,834 340,000 SH SOLE 340,000
SIEBEL SYSTEMS INC. PUT 826170952 782 55,000 PUT
SOLECTRON CORP. COM 834182107 12,300 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 2,580 515,000 SH SOLE 515,000
SYMANTEC CORP 3.00% CONV SUB NOTES PFD 871503AA6 606 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 8,212 250,000 SH SOLE 250,000
TECO ENERGY, INC COM 872375100 16,087 650,000 SH SOLE 650,000
TARGET CORP COM 87612E106 16,573 435,000 SH SOLE 435,000
TARGET CORP PUT 886547958 952 25,000 PUT
3M COMPANY COM 88579Y101 25,572 207,900 SH SOLE 207,900
3M COMPANY CALL 604059905 3,690 30,000 CALL
TIFFANY & COMPANY COM 886547108 11,616 330,000 SH SOLE 330,000
UNITED PARCEL SERVICE COM 911312106 19,451 315,000 SH SOLE 315,000
UNITED TECHNOLOGIES COM 913017109 27,160 400,000 SH SOLE 400,000
VERTEX PHARMACEUTICALS INC. COM 92532F993 4,038 248,016 SH SOLE 248,016
VODAFONE AIRTOUCH PLC ADRS 92857W100 6,724 492,614 SH SOLE 492,614
WACHOVIA CORP. COM 929903102 14,508 380,000 SH SOLE 380,000
WELLS FARGO & CO. COM 949746101 27,533 550,000 SH SOLE 550,000
WILMINGTON TRUST CORP. COM 971807102 12,810 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 15,360 300,000 SH SOLE 300,000
1,082,730