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, 2001
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. January 25 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: ____93______
Form 13F Information Table Value Total: $_1,284______
(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 19,513 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 7,928 210,000 SH SOLE 210,000
AMBAC FINANCIAL GROUP, INC. COM 023139108 32,945 569,400 SH SOLE 569,400
AMERICAN HOME PRODUCTS CORP. COM 026609107 18,408 300,000 SH SOLE 300,000
AMERICAN INTL. GROUP INC. COM 026874107 60,294 759,375 SH SOLE 759,375
APPLERA CORP. COM 038020103 8,247 210,000 SH SOLE 210,000
BJ WHOLESALE CLUB COM 05548J106 14,884 337,500 SH SOLE 337,500
BJ WHOLESALE CLUB PUT 05548J956 1,543 35,000 PUT
BMC SOFTWARE INC. COM 055921100 5,075 310,000 SH SOLE 310,000
BP PLC ADRS 055622104 12,558 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 10,674 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 5,702 370,000 SH SOLE 370,000
BELLSOUTH CORP. COM 079860102 16,786 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 11,319 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 18,781 555,000 SH SOLE 555,000
BRINKER INTL INC. COM 109641100 744 25,000 SH SOLE 25,000
BRISTOL MYERS SQUIBB COM 110122108 14,280 280,000 SH SOLE 280,000
BRISTOL MYERS SQUIBB PUT 110122958 1,020 20,000 PUT
CALIPER TECHNOLOGIES COM 130876105 3,512 225,000 SH SOLE 225,000
CANADIAN NATIONAL RAILWAY. COM 136375102 4,104 85,000 SH SOLE 85,000
CANADIAN NATIONAL RAILWAY 5.25% PFD QUIDS 136375409 11,135 170,000 SH SOLE 170,000
CINERGY CORP. COM 172474108 10,029 300,000 SH SOLE 300,000
CISCO SYSTEMS, INC. COM 17275R102 33,232 1,835,000 SH SOLE 1,835,000
CISCO SYTEMS, INC. CALL 17275R102 905 50,000 CALL
CITIGROUP INC. COM 172967101 20,244 401,023 SH SOLE 401,023
COCA-COLA CO. COM 191216100 8,016 170,000 SH SOLE 170,000
CORNING, INC. COM 219350105 10,436 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. COM 242361103 8,777 128,700 SH SOLE 128,700
DIAMONDCLUSTER INTER. COM 25278P106 6,517 497,500 SH SOLE 497,500
DUKE ENERGY CORP COM 264399106 13,937 355,000 SH SOLE 355,000
DUKE ENERGY 8.25% UNITS PFD 264399585 10,540 400,000 SH SOLE 400,000
ELAN CORP. PLC ADRS 284131208 9,012 200,000 SH SOLE 200,000
ENGELHARD CORP. COM 292845104 14,670 530,000 SH SOLE 530,000
ENZON, INC. COM 293904108 5,628 100,000 SH SOLE 100,000
ERICSSON (L.M.) TELEPHONE CO. COM 294821400 10,440 2,000,000 SH SOLE 2,000,000
EXXON MOBIL CORP. COM 30231G102 12,451 316,836 SH SOLE 316,836
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 22,563 345,000 SH SOLE 345,000
GENENTECH, INC. COM 368710406 18,987 350,000 SH SOLE 350,000
GENERAL ELECTRIC CO. COM 369604103 64,128 1,600,000 SH SOLE 1,600,000
GLAXOSMITHKLINE PLC COM 37733W105 12,473 250,360 SH SOLE 250,360
GREENPOINT FINANCIAL CORP. COM 395384100 15,551 435,000 SH SOLE 435,000
HCA INC. COM 404119109 15,031 390,000 SH SOLE 390,000
HERSHEY FOODS CORP COM 427866108 17,264 255,000 SH SOLE 255,000
HUMAN GENOME SCIENCES COM 444903108 6,744 200,000 SH SOLE 200,000
ITT INDUSTRIES COM 450911102 17,928 355,000 SH SOLE 355,000
INTEL CORP. COM 458140100 21,700 690,000 SH SOLE 690,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 32,277 487,500 SH SOLE 487,500
INVESTORS FINANCIAL SERV. CORP. CALL 461915901 2,979 45,000 CALL
IVEX PACKAGING CORP. COM 465855104 9,880 520,000 SH SOLE 520,000
JOHNSON & JOHNSON COM 478160104 21,276 360,000 SH SOLE 360,000
KEYSPAN CORP. COM 49337W100 13,860 400,000 SH SOLE 400,000
LILLY (ELI) & CO. COM 532457108 14,923 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 2,516 400,000 SH SOLE 400,000
MELLON BANK CORP. COM 58551A108 15,800 420,000 SH SOLE 420,000
MERCK & CO., INC. COM 589331107 14,700 250,000 SH SOLE 250,000
MINNESOTA MINING & MFG COM 604059105 33,690 285,000 SH SOLE 285,000
MIRANT CORP COM 604675108 6,408 400,000 SH SOLE 400,000
MOTOROLA, INC. COM 620076109 7,444 495,622 SH SOLE 495,622
NEXTEL COMMUNICATIONS, INC. COM 65332V103 11,398 1,040,000 SH SOLE 1,040,000
NEXTEX COMM. INC. 5.25% DUE 1/2010 DEBS 65332VAY9 6,050 10,000,000 SH SOLE 10,000,000
NOKIA CORP. PFD ADRS 654902204 33,851 1,380,000 SH SOLE 1,380,000
NORTHWESTERN CORP. COM 668074107 10,525 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 16,296 1,180,000 SH SOLE 1,180,000
PEPSICO, INC. COM 713448108 16,311 335,000 SH SOLE 335,000
PETROLEUM & RESOURCES CORP. COM 716549100 44,897 1,913,761 SH SOLE 1,913,761
PFIZER,INC. COM 717081103 11,955 300,000 SH SOLE 300,000
PHARMACIA CORP. COM 71713U102 15,734 368,900 SH SOLE 368,900
PHILADELPHIA SUBURBAN CORP COM 718009608 3,720 165,000 SH SOLE 165,000
PROCTER & GAMBLE CO. COM 742718109 13,452 170,000 SH SOLE 170,000
PROVIDENT BANKSHARES CORP. COM 743859100 8,141 335,021 SH SOLE 335,021
QWEST COMM. INTL INC 5.75% DUE 2003 TRENDS 74912L105 15,737 538,000 SH SOLE 538,000
RCN CORP COM 749361101 275 94,000 SH SOLE 94,000
SBC COMMUNICATIONS INC. COM 78387G103 27,419 700,000 SH SOLE 700,000
SAFEWAY, INC. COM 786514208 2,923 70,000 SH SOLE 70,000
SAFEWAY, INC. PUT 786514958 1,044 25,000 PUT
SAPIENT CORP COM 803062108 8,878 1,150,000 SH SOLE 1,150,000
SIEBEL SYSTEMS INC. COM 826170102 5,456 195,000 SH SOLE 195,000
SOLECTRON CORP. COM 834182107 22,560 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 6,355 515,000 SH SOLE 515,000
SYMANTEC CORP 3.00% CONV SUB NOTES PFD 871503AA6 609 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 10,281 155,000 SH SOLE 155,000
SYMANTEC CORP CALL 871503908 1,658 25,000 CALL
TECO ENERGY, INC COM 872375100 17,056 650,000 SH SOLE 650,000
TIFFANY & COMPANY COM 886547108 11,015 350,000 SH SOLE 350,000
TIFFANY & COMPANY CALL 886547908 629 20,000 CALL
TIME WARNER TELECOM COM 887319101 7,156 404,500 SH SOLE 404,500
UNITED PARCEL SERVICE COM 911312106 17,167 315,000 SH SOLE 315,000
UNITED TECHNOLOGIES COM 913017109 25,852 400,000 SH SOLE 400,000
VERTEX PHARMACEUTICALS INC. COM 92532F100 6,099 248,016 SH SOLE 248,016
VODAFONE AIRTOUCH PLC ADRS 92857W100 12,650 492,614 SH SOLE 492,614
WACHOVIA CORP. COM 929903102 11,917 380,000 SH SOLE 380,000
WELLS FARGO & CO. COM 949746101 23,898 550,000 SH SOLE 550,000
WILMINGTON TRUST CORP. COM 971807102 13,295 210,000 SH SOLE 210,000
1,284,667