UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended September 30, 2008
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: (410) 752-5900
Signature, Place, and Date of Signing:
Christine M. Sloan Baltimore, MD October 24, 2008
[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
[ ] 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:
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: 70
Form 13F Information Table Value Total: $ 989,975
(in 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.
NONE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN COLUMN 7 COLUMN 8
NAME OF ISSUER TITLE OF CLASS CUSIP VALUE IN SHARES/PRN OTHER VOTING AUTHORITY
000's AMOUNT MANAGERS
SH/PUT/ INVSTM SOLE SHAREDNONE
PRNCALL DISCRETN
>C>
3M COMPANY COM 88579Y101 10,930 160,000 SH SOLE 160,000
ABBOTT LABS COM 002824100 18,426 320,000 SH SOLE 320,000
AIR PRODUCTS & CHEMICALS COM 009158106 15,753 230,000 SH SOLE 230,000
AT&T CORP COM 00206R102 11,168 400,000 SH SOLE 400,000
AUTOMATIC DATA PROCESSIN COM 053015103 12,825 300,000 SH SOLE 300,000
AVON PRODUCTS COM 054303102 15,589 375,000 SH SOLE 375,000
BANK OF AMERICA COM 060505104 25,550 730,000 SH SOLE 730,000
BANK OF NEW YORK MELLON COM 064058100 13,155 403,775 SH SOLE 403,775
BRISTOL MYERS SQUIBB COM 110122108 7,193 345,000 SH SOLE 345,000
BROADCOM CORP COM 111320107 7,452 400,000 SH SOLE 400,000
BUNGE LTD. COM G16962105 8,213 130,000 SH SOLE 130,000
CHEVRON CORP. COM 166764100 12,372 150,000 SH SOLE 150,000
CINTAS CORP. COM 172908105 8,613 300,000 SH SOLE 300,000
CISCO SYSTEMS COM 17275R102 19,176 850,000 SH SOLE 850,000
CONOCOPHILLIPS COM 20825C104 21,609 295,000 SH SOLE 295,000
CONSOL ENERGY INC. COM 20854P109 9,178 200,000 SH SOLE 200,000
CORNING INC COM 219350105 7,820 500,000 SH SOLE 500,000
CURTISS-WRIGHT CORP COM 231561101 16,362 360,000 SH SOLE 360,000
CVS/CAREMARK CORPORATION COM 126650100 9,257 275,000 SH SOLE 275,000
DEAN FOODS COM 242370104 7,942 340,000 SH SOLE 340,000
DEL MONTE FOODS COM 24522P103 10,140 1,300,000 SH SOLE 1,300,000
DELL INC. COM 24702R101 9,641 585,000 SH SOLE 585,000
DUPONT EI DE NEMOURS COM 263534109 14,508 360,000 SH SOLE 360,000
EMERSON ELECTRIC COM 291011104 12,237 300,000 SH SOLE 300,000
EXXON MOBIL CORP. COM 30231G102 16,697 215,000 SH SOLE 215,000
GENENTECH, INC COM 368710406 19,510 220,000 SH SOLE 220,000
GENERAL ELECTRIC CO. COM 369604103 35,394 1,388,000 SH SOLE 1,388,000
HALLIBURTON CO. COM 406216101 9,717 300,000 SH SOLE 300,000
HANSEN NATURAL CORP. COM 411310105 11,344 375,000 SH SOLE 375,000
HARLEY DAVIDSON COM 412822108 4,849 130,000 SH SOLE 130,000
HARSCO CORP. COM 415864107 4,649 125,000 SH SOLE 125,000
ILLINOIS TOOL WORKS COM 452308109 11,113 250,000 SH SOLE 250,000
INTEL CORP COM 458140100 15,733 840,000 SH SOLE 840,000
JOHNSON & JOHNSON COM 478160104 17,666 255,000 SH SOLE 255,000
LOWE'S COS INC. COM 548661107 14,214 600,000 SH SOLE 600,000
MASCO CORP COM 574599106 8,073 450,000 SH SOLE 450,000
MCDONALD'S CORP COM 580135101 4,628 75,000 SH SOLE 75,000
MDU RESOURCES GROUP, INC COM 552690109 16,313 562,500 SH SOLE 562,500
MEDTRONIC INC. COM 585055106 15,531 310,000 SH SOLE 310,000
MICROSOFT CORP COM 594918104 31,494 1,180,000 SH SOLE 1,180,000
NEWELL RUBBERMAID INC. COM 651229106 6,904 400,000 SH SOLE 400,000
NORTHEAST UTILITIES COM 664397106 8,978 350,000 SH SOLE 350,000
ORACLE CORP COM 68389X105 22,341 1,100,000 SH SOLE 1,100,000
OSHKOSH CORPORATION COM 688239201 4,014 305,000 SH SOLE 305,000
PEPSI CO. INC. COM 713448108 25,657 360,000 SH SOLE 360,000
PETROLEUM & RESOURCES CO COM 716549100 64,554 2,186,774 SH SOLE 2,186,774
PFIZER INC COM 717081103 20,653 1,120,000 SH SOLE 1,120,000
PNC FINANCIAL SERVICES G COM 693475105 14,940 200,000 SH SOLE 200,000
PROCTER & GAMBLE COMPANY COM 742718109 21,952 315,000 SH SOLE 315,000
PROSPERITY BANCSHARES IN COM 743606105 8,498 250,000 SH SOLE 250,000
PRUDENTIAL FINANCIAL INC COM 744320102 15,120 210,000 SH SOLE 210,000
RYLAND GROUP INC. COM 783764103 9,110 343,500 SH SOLE 343,500
SAFEWAY, INC COM 786514208 9,251 390,000 SH SOLE 390,000
SCHLUMBERGER LTD COM 806857108 29,674 380,000 SH SOLE 380,000
SENOMYX INC. COM 81724Q107 4,459 984,400 SH SOLE 984,400
SPECTRA ENERGY CORP. COM 847560109 7,278 305,780 SH SOLE 305,780
SPIRIT AEROSYSTEMS HOLDI COM 848574109 8,839 550,000 SH SOLE 550,000
STATE STREET CORP. COM 857477103 14,789 260,000 SH SOLE 260,000
TARGET CORP. COM 87612E106 15,696 320,000 SH SOLE 320,000
TATA MOTORS LTD. ADR COM 876568502 7,660 1,000,000 SH SOLE 1,000,000
TEVA PHARMACEUTICAL INDU ADR 881624209 16,942 370,000 SH SOLE 370,000
THE COCA-COLA CO. COM 191216100 10,576 200,000 SH SOLE 200,000
TRANSOCEAN INC SHS G90073100 9,886 90,000 SH SOLE 90,000
UNILEVER PLC ADR SPON ADR NEW 904767704 21,768 800,000 SH SOLE 800,000
UNITED TECHNOLOGIES COM 913017109 18,018 300,000 SH SOLE 300,000
VISA INC. COM CL A 92826C839 10,435 170,000 SH SOLE 170,000
WELLS FARGO COMPANY COM 949746101 8,443 225,000 SH SOLE 225,000
WILMINGTON TRUST CORP. COM 971807102 10,464 363,000 SH SOLE 363,000
WYETH COMPANY COM 983024100 12,005 325,000 SH SOLE 325,000
ZIMMER HLDGS INC. COM 98956P102 9,037 140,000 SH SOLE 140,000
989,975