Report 
 
      
Registrant:   The Adams Express Co. — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  6/30/97

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      950169
SEC File #:   811-02624

Telephone #:  410-752-5900
 
 2.
Address:      Seven St. Paul Street; Suite 1140
              Baltimore, MD  21202
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       S.W. Ryan & Co., Inc.
IRS #:        23-2509528
Commissions paid ($000s):  74
 
20.2
Broker:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Commissions paid ($000s):  62
 
20.3
Broker:       Thomson Institutional c/o Alex Brown & Sons
IRS #:        13-3566424
Commissions paid ($000s):  50
 
20.4
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  35
 
20.5
Broker:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Commissions paid ($000s):  33
 
20.6
Broker:       Smith Barney. Omc/.
IRS #:        13-1912900
Commissions paid ($000s):  27
 
20.7
Broker:       Gordon Haskett (Indata)
IRS #:        06-1095324
Commissions paid ($000s):  24
 
20.8
Broker:       Alex Brown & Sons
IRS #:        52-1715615
Commissions paid ($000s):  22
 
20.9
Broker:       Keefe, Bruyette & Woods, Inc.
IRS #:        13-1964616
Commissions paid ($000s):  19
 
20.10
Broker:       Cowen & Co.
IRS #:        13-5616116
Commissions paid ($000s):  19
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  416
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       M. Sternburg & Co., Inc.
IRS #:        06-1153426
Registrant’s purchases ($000s):  112,400
 
22.2
Entity:       General Electric Capital Corp.
IRS #:        13-1500700
Registrant’s purchases ($000s):  68,528
 
22.3
Entity:       Wachovia Bank of North Carolina, N.A.
IRS #:        56-0927594
Registrant’s purchases ($000s):  50,000
 
22.4
Entity:       Ford Motor Credit Corp.pany
IRS #:        38-1612444
Registrant’s purchases ($000s):  35,144
 
22.5
Entity:       Chevron Oil Finance Co.
IRS #:        25-1215010
Registrant’s purchases ($000s):  34,395
 
22.6
Entity:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  29,763
 
22.7
Entity:       Mercantile-Safe Deposit & Trust Co.
IRS #:        52-0904511
Registrant’s purchases ($000s):  20,000
 
22.8
Entity:       CS First Boston
IRS #:        13-5659485
Registrant’s purchases ($000s):  5,448
Registrant’s sales ($000s):  5,310
 
22.9
Entity:       Alex Brown & Sons
IRS #:        52-1715615
Registrant’s purchases ($000s):  8,250
Registrant’s sales ($000s):  809
 
22.10
Entity:       Herzog, Heine, Geduld, Inc.
IRS #:        13-1955436
Registrant’s sales ($000s):  8,521
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  388,071
   Aggregate sales ($000s):  26,080
 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  146,410
Sales ($000s):      133,215

Monthly average Value of portfolio ($000s):  1,143,912

Percent turnover (lesser of Purchases or Sales, divided by Value):  12%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 3,208
Net dividend income ..............................................
 9,394
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 –
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 1,649
Shareholder Servicing Agent fees .................................
 125
Custodian fees ...................................................
 47
Postage ..........................................................
 37
Printing expenses ................................................
 57
Directors’ fees ..................................................
 91
Registration fees ................................................
 23
Taxes ............................................................
 67
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 30
Legal fees .......................................................
 22
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 40
Other expenses ...................................................
 336
Total expenses ...................................................
 2,525

Expense reimbursements ($000s):   0

Net investment income ($000s):    10,077

Realized capital gains ($000s):   45,721
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  144,889
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  7,205

Total capital gains distributions for which the record date passed
during the period ($000s):  4,323
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1500

Distribution of capital gains:  $0.0900
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 236
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 39,663
Long-term debt securities, including convertible debt ............
 42,466
Preferred, conv. preferred and adjustable-rate preferred stock ...
 6,305
Common stock .....................................................
 1,237,695
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 462
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 1,919
All other assets .................................................
 3,670
Total assets .....................................................
 1,332,416

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 1,056
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 1,094
  All other liabilities ..........................................
 2,347

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 1,327,919

Number of shares outstanding (000s):   48,037

Net Asset Value (NAV) per share (to nearest cent):  $27.64

Total number of shareholder accounts:  21,789

Total value of assets in segregated accounts ($000s):  30,504
 
75.
Monthly average net assets during the period ($000s):  1,207,828
 
76.
Market price per share at period end:  $23.25
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Federal Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  1,750
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  1
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  5
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Lawrence L. Hooper, Jr.      
Name:   Lawrence L. Hooper, Jr.
Title:  Secty’/Gen.counsel