UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: SEPTEMBER 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. October 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: ____92_____
Form 13F Information Table Value Total: $_ 825_____
(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. COLUMN 7 COLUMN 8
------------------------------- -------- -------- -------- ------------------ 6 -------- ----------------------
TITLE OF VALUE ----- OTHER
NAME OF ISSUER CLASS CUSIP (x$1000) -- MANAGERS
INVST
MT
DSCRE
TN
SHARES/ SH/P PUT/ VOTING AUTHORITY
PRIN.AMT RN CALL
SOLE SHARE NONE
D
ABBOTT LABORATORIES COM 002824100 14,140 350,000 SH SOLE 350,000
AFFYMETRIX INC. COM 00826T108 4,368 210,000 SH SOLE 210,000
ALBEMARLE CORP COM 012653101 3,161 125,000 SH SOLE 125,000
ALLTEL CORP COM 020039103 8,427 210,000 SH SOLE 210,000
ALLTEL CORP PUT 020039953 1,605 40,000 PUT
AMBAC FINANCIAL GROUP, INC. COM 023139108 21,556 400,000 SH SOLE 400,000
AMERICAN INTL. GROUP INC. COM 026874107 41,773 763,675 SH SOLE 763,675
AMERICAN INTL. GROUP INC. CALL 026874907 820 15,000 CALL
APPLERA CORP. COM 038020103 3,843 210,000 SH SOLE 210,000
BJ WHOLESALE CLUB COM 05548J106 8,079 425,000 SH SOLE 425,000
BJ WHOLESALE CLUB PUT 05548J956 475 25,000 PUT
BMC SOFTWARE INC. COM 055921100 4,052 310,000 SH SOLE 310,000
BP PLC ADRS 055622104 10,773 270,000 SH SOLE 270,000
BANKNORTH GROUP, INC. COM 06646R107 11,258 474,000 SH SOLE 474,000
BEA SYSTEMS INC. COM 073325102 2,072 400,000 SH SOLE 400,000
BELLSOUTH CORP. COM 079860102 8,078 440,000 SH SOLE 440,000
BLACK & DECKER CORP. COM 091797100 12,579 300,000 SH SOLE 300,000
BLACK HILLS CORP. COM 092113109 10,738 410,000 SH SOLE 410,000
BRINKER INTL INC. COM 109641100 13,339 515,000 SH SOLE 515,000
BRISTOL MYERS SQUIBB COM 110122108 8,211 345,000 SH SOLE 345,000
CINERGY CORP. COM 172474108 13,829 440,000 SH SOLE 440,000
CISCO SYSTEMS, INC. COM 17275R102 18,392 1,755,000 SH SOLE 1,755,000
CISCO SYSTEMS, INC. CALL 17275R902 2,096 200,000 CALL
CISCO SYSTEMS, INC. PUT 17275R952 3,144 300,000 PUT
COCA-COLA CO. COM 191216100 9,592 200,000 SH SOLE 200,000
COCA-COLA CO. PUT 191216954 240 5,000 PUT
CORNING, INC. COM 219350105 1,872 1,170,000 SH SOLE 1,170,000
DEAN FOODS CO. COM 242370104 18,991 477,400 SH SOLE 477,400
DIAMONDCLUSTER INTER. COM 25278P106 1,622 497,500 SH SOLE 497,500
DUKE ENERGY CORP COM 264399106 6,940 355,000 SH SOLE 355,000
DUKE ENERGY 8.25% UNITS PFD 264399585 6,540 400,000 SH SOLE 400,000
ENZON, INC. COM 293904108 1,924 100,000 SH SOLE 100,000
ERICSSON (L.M.) TELEPHONE CO. COM 294821400 720 2,000,000 SH SOLE 2,000,000
EXXON MOBIL CORP. COM 30231G102 4,147 130,000 SH SOLE 130,000
FEDERAL HOME LOAN MORTGAGE CORP. COM 313400301 8,385 150,000 SH SOLE 150,000
FEDERAL HOME LOAN MORTGAGE CORP. CALL 313400901 838 15,000 CALL
GENENTECH, INC. COM 368710406 9,789 300,000 SH SOLE 300,000
GENERAL ELECTRIC CO. COM 369604103 29,149 1,182,500 SH SOLE 1,182,500
GLAXOSMITHKLINE PLC COM 37733W105 9,621 250,360 SH SOLE 250,360
HCA INC. COM 404119109 19,044 400,000 SH SOLE 400,000
HERSHEY FOODS CORP COM 427866108 4,343 70,000 SH SOLE 70,000
HERSHEY FOODS CORP PUT 427866958 3,102 50,000 PUT
INTEL CORP. COM 458140100 9,584 690,000 SH SOLE 690,000
INVESTORS FINANCIAL SERV. CORP. COM 461915100 16,242 600,000 SH SOLE 600,000
JOHNSON & JOHNSON COM 478160104 19,469 360,000 SH SOLE 360,000
JOHNSON & JOHNSON CALL 478161904 811 15,000 CALL
KEYSPAN CORP. COM 49337W100 13,400 400,000 SH SOLE 400,000
LILLY (ELI) & CO. COM 532457108 10,515 190,000 SH SOLE 190,000
LUCENT TECHNOLOGIES INC. COM 549463107 304 400,000 SH SOLE 400,000
MELLON FINANCIAL CORP. COM 58551A108 10,891 420,000 SH SOLE 420,000
MURPHY OIL CORP COM 626717102 4,103 50,000 SH SOLE 50,000
MURPHY OIL CORP PUT 626717952 2,872 35,000 PUT
NOKIA CORP. PFD ADRS 654902204 18,285 1,380,000 SH SOLE 1,380,000
NOKIA CORP. PFD CALL 654902900 331 25,000 CALL
NORTHWESTERN CORP. COM 668074107 4,880 500,000 SH SOLE 500,000
ORACLE CORP COM 68389X105 6,917 880,000 SH SOLE 880,000
PEPSICO, INC. COM 713448108 16,258 440,000 SH SOLE 440,000
PETROLEUM & RESOURCES CORP. COM 716549100 36,457 1,913,761 SH SOLE 1,913,761
PFIZER,INC. COM 717081103 14,060 484,500 SH SOLE 484,500
PFIZER, INC. PUT 717081953 450 15,500 PUT
PHARMACIA CORP. COM 71713U102 14,343 368,900 SH SOLE 368,900
PHILADELPHIA SUBURBAN CORP COM 718009608 17,560 865,000 SH SOLE 865,000
PROCTER & GAMBLE CO. COM 742718109 15,194 170,000 SH SOLE 170,000
PROCTER & GAMBLE CO. CALL 742718909 3,128 35,000 CALL
PROCTER & GAMBLE CO. PUT 742718959 4,469 50,000 PUT
PROVIDENT BANKSHARES CORP. COM 743859100 7,230 335,021 SH SOLE 335,021
ROHM & HAAS COM 775371107 11,160 360,000 SH SOLE 360,000
ROHM & HAAS PUT 775371957 620 20,000 PUT
SBC COMMUNICATIONS INC. COM 78387G103 12,462 620,000 SH SOLE 620,000
SAFEWAY, INC. COM 786514208 9,255 415,000 SH SOLE 415,000
SAPIENT CORP COM 803062108 1,185 1,150,000 SH SOLE 1,150,000
SIEBEL SYSTEMS INC. COM 826170102 2,703 470,000 SH SOLE 470,000
SIEBEL SYSTEMS INC. PUT 826170952 57 10,000 PUT
SOLECTRON CORP. COM 834182107 4,220 2,000,000 SH SOLE 2,000,000
SUN MICROSYSTEMS INC. COM 866810104 1,334 515,000 SH SOLE 515,000
SYMANTEC CORP 3.00% CONV SUB NOTES PFD 871503AA6 630 500,000 SH SOLE 500,000
SYMANTEC CORP. COM 871503108 8,418 250,000 SH SOLE 250,000
TECO ENERGY, INC COM 872375100 10,322 650,000 SH SOLE 650,000
TECO ENERGY, INC. CALL 872375900 2,695 169,700 CALL
TECO ENERGY, INC. PUT 872375950 1,937 122,000 PUT
TARGET CORP COM 87612E106 13,579 460,000 SH SOLE 460,000
TARGET CORP PUT 886547956 443 15,000 PUT
3M COMPANY COM 88579Y101 17,045 155,000 SH SOLE 155,000
3M COMPANY CALL 604059905 2,199 20,000 CALL
UNITED PARCEL SERVICE COM 911312106 19,696 315,000 SH SOLE 315,000
UNITED TECHNOLOGIES COM 913017109 22,596 400,000 SH SOLE 400,000
VERTEX PHARMACEUTICALS INC. COM 92532F993 4,586 248,016 SH SOLE 248,016
VODAFONE AIRTOUCH PLC ADRS 92857W100 6,320 492,614 SH SOLE 492,614
WACHOVIA CORP. COM 929903102 12,422 380,000 SH SOLE 380,000
WELLS FARGO & CO. COM 949746101 26,488 550,000 SH SOLE 550,000
WILMINGTON TRUST CORP. COM 971807102 12,146 420,000 SH SOLE 420,000
WYETH COMPANY COM 983024100 9,540 300,000 SH SOLE 300,000
825,478