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

Annual Report for the 2nd-half period ended at fiscal year end:  12/31/96

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:      2230
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):  163
 
20.2
Broker:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Commissions paid ($000s):  72
 
20.3
Broker:       Morgan Stanley & Co., Inc.
IRS #:        13-2655998
Commissions paid ($000s):  62
 
20.4
Broker:       Smith Barney, Inc.
IRS #:        13-1912900
Commissions paid ($000s):  62
 
20.5
Broker:       Wellington (H.G.) & Co., Inc.
IRS #:        13-3216715
Commissions paid ($000s):  60
 
20.6
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  42
 
20.7
Broker:       S&P Securities, Inc.
IRS #:        13-3145333
Commissions paid ($000s):  36
 
20.8
Broker:       CS First Boston
IRS #:        13-5659485
Commissions paid ($000s):  32
 
20.9
Broker:       Gordon Haskett (Indata)
IRS #:        06-1095324
Commissions paid ($000s):  31
 
20.10
Broker:       Oscar Gruss & Sons, Inc.
IRS #:        13-2913779
Commissions paid ($000s):  25
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  709
 
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):  392,815
 
22.2
Entity:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  159,679
 
22.3
Entity:       Ford Motor Credit Corp.
IRS #:        38-1612444
Registrant’s purchases ($000s):  104,734
 
22.4
Entity:       Chevron Oil Finance Co.
IRS #:        25-1215010
Registrant’s purchases ($000s):  100,382
 
22.5
Entity:       General Electric Capital Corp.
IRS #:        13-1500700
Registrant’s purchases ($000s):  99,915
 
22.6
Entity:       Wachovia Bank of North Carolina, N.A.
IRS #:        56-0927594
Registrant’s purchases ($000s):  79,900
 
22.7
Entity:       Morgan (J.P.) Securities, Inc.
IRS #:        13-3224016
Registrant’s purchases ($000s):  53,246
 
22.8
Entity:       Mercantile-Safe Deposit & Trust Co.
IRS #:        52-0904511
Registrant’s purchases ($000s):  40,000
 
22.9
Entity:       Nationsbank of North Carolina
IRS #:        56-0927416
Registrant’s purchases ($000s):  30,500
 
22.10
Entity:       Exxon Funding
IRS #:        13-5409005
Registrant’s purchases ($000s):  21,177
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  1,134,403
   Aggregate sales ($000s):  28,373
 
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):  229,829
Sales ($000s):      186,030

Monthly average Value of portfolio ($000s):  949,311

Percent turnover (lesser of Purchases or Sales, divided by Value):  20%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 9,552
Net dividend income ..............................................
 18,235
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 –
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 1,764
Shareholder Servicing Agent fees .................................
 256
Custodian fees ...................................................
 86
Postage ..........................................................
 65
Printing expenses ................................................
 126
Directors’ fees ..................................................
 152
Registration fees ................................................
 93
Taxes ............................................................
 86
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 56
Legal fees .......................................................
 121
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 89
Other expenses ...................................................
 656
Total expenses ...................................................
 3,550

Expense reimbursements ($000s):   0

Net investment income ($000s):    24,237

Realized capital gains ($000s):   57,853
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  113,359
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  24,006

Total capital gains distributions for which the record date passed
during the period ($000s):  55,399
 
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:    $0.5200

Distribution of capital gains:  $1.2000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 99
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 53,526
Long-term debt securities, including convertible debt ............
 47,719
Preferred, conv. preferred and adjustable-rate preferred stock ...
 6,319
Common stock .....................................................
 1,029,330
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 496
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 2,249
All other assets .................................................
 3,368
Total assets .....................................................
 1,143,106

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 1,931
Amounts owed to affiliated persons ...............................
 –
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 519
  All other liabilities ..........................................
 1,896

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 1,138,760

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

Net Asset Value (NAV) per share (to nearest cent):  $23.71

Total number of shareholder accounts:  22,603

Total value of assets in segregated accounts ($000s):  21,705
 
75.
Monthly average net assets during the period ($000s):  1,055,607
 
76.
Market price per share at period end:  $19.75
 
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)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
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/      J.G. Whitney      
Name:   J.G. Whitney
Title:  Vice Pres-Secretary