13F-HR 1 a13f123103.txt 123103 Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 026874107 Equity AMER INTL GROUP INC 176,624.65 11,706,681.58 369604103 Equity GENERAL ELECTRIC CO 350,171.63 10,848,317.00 717081103 Equity PFIZER INC 301,865.72 10,664,915.89 594918104 Equity MICROSOFT CORP 366,835.07 10,102,637.86 949746101 Equity WELLS FARGO & CO 166,544.00 9,807,776.16 029066107 Equity AMERICAN PWR CONVERSION 382,707.00 9,357,186.15 713448108 Equity PEPSICO INC 195,817.88 9,129,029.57 437076102 Equity HOME DEPOT INC 256,450.72 9,101,436.16 494368103 Equity KIMBERLY CLARK CORP 146,984.98 8,685,342.41 747525103 Equity QUALCOMM INC 160,580.14 8,660,087.06 585055106 Equity MEDTRONIC INC 168,983.54 8,214,289.93 855030102 Equity STAPLES INC 299,938.00 8,188,307.40 172967101 Equity CITIGROUP INC 162,737.70 7,899,288.01 478160104 Equity JOHNSON & JOHNSON 152,490.81 7,877,675.15 703412106 Equity PATTERSON DENTAL CO 116,829.00 7,495,748.64 871829107 Equity SYSCO CORP 200,917.00 7,480,139.91 24702r101 Equity DELL COMPUTER CORP 213,820.00 7,261,327.20 268648102 Equity E M C CORP MASS 533,014.00 6,886,540.88 742718109 Equity PROCTER & GAMBLE CO 67,761.45 6,768,013.73 941848103 Equity WATERS CORP 197,250.00 6,540,810.00 950590109 Equity WENDYS INTL INC 165,037.56 6,476,073.89 589331107 Equity MERCK & CO INC 134,017.10 6,191,590.00 313400301 Equity FREDDIE MAC 94,716.41 5,523,861.03 30231g102 Equity EXXON MOBIL CORP 133,568.00 5,476,288.00 31428X106 Equity FEDEX CORP. 79,850.80 5,389,929.13 931142103 Equity WAL MART STORES 96,576.23 5,123,368.95 89420g109 Equity TRAVELERS PROPERTY CASUA 304,592.00 5,111,053.84 879369106 Equity TELEFLEX, INC. 104,794.93 5,064,738.92 458140100 Equity INTEL CORP 152,820.18 4,920,809.92 811183102 Equity SCUDDER NEW ASIA FUND 317,850.00 4,554,790.50 319963104 Equity FIRST DATA CORP. 109,900.15 4,515,797.04 92857w100 Equity VODAFONE GROUP PLC NEW A 177,680.00 4,449,107.20 500255104 Equity KOHLS CORPORATION 95,450.00 4,289,523.00 17275r102 Equity CISCO SYS INC 153,900.00 3,738,231.00 194162103 Equity COLGATE PALMOLIVE CO 74,546.00 3,731,027.30 911312106 Equity UNITED PARCEL SVC INC B 47,600.00 3,548,580.00 532457108 Equity LILLY ELI & CO 50,141.00 3,526,416.53 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,207.00 3,397,705.00 364730101 Equity GANNETT CO., INC. 37,750.00 3,365,790.00 060505104 Equity BANK OF AMERICA CORP 37,201.00 2,992,076.43 06423A103 Equity BANC ONE CORP 64,716.00 2,950,402.44 438516106 Equity HONEYWELL INTL INC 86,532.00 2,892,764.76 923436109 Equity VERITAS SOFTWARE CORP 77,172.00 2,867,711.52 38141G104 Equity GOLDMAN SACHS 26,050.00 2,571,916.50 931422109 Equity WALGREEN COMPANY 68,845.00 2,504,581.10 09067D201 Equity BIOTECH HOLDRS TRUST 15,472.58 2,093,595.34 983024100 Equity WYETH HEALTHCARE 45,634.00 1,937,163.30 580135101 Equity MCDONALDS CORP 76,250.00 1,893,287.50 887317105 Equity TIME WARNER 102,400.00 1,842,176.00 913017109 Equity UNITED TECHNOLOGIES CORP 18,900.00 1,791,153.00 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,713,920.00 871565107 Equity SYNALLOY CORP. 241,497.00 1,671,159.24 320209109 Equity FIRST FINANCIAL BANKSHAR 100,000.00 1,595,000.00 654902204 Equity NOKIA CORP ADR 92,500.00 1,572,500.00 002824100 Equity ABBOTT LABORATORIES 32,190.00 1,500,054.00 459200101 Equity INTL BUSINESS MACH 15,016.00 1,391,682.88 166779207 Equity CHEVY CHASE 8% PFD. 48,000.000 1,377,600.00 031162100 Equity AMGEN INC. 20,850.00 1,288,530.00 191216100 Equity COCA COLA CO 25,001.22 1,268,812.02 151020104 Equity CELGENE CORP. 27,000.00 1,215,540.00 428236103 Equity HEWLETT-PACKARD 45,645.00 1,048,465.65 126650100 Equity CVS CORP 28,392.00 1,025,519.04 101137107 Equity BOSTON SCIENTIFIC CORP 27,200.00 999,872.00 372917104 Equity GENZYME CORPORATION 19,575.00 965,830.50 939640108 Equity WASHINGTON POST 1,144.00 905,361.60 584688105 Equity THE MEDICINES COMPANY 29,625.00 872,752.50 78387g103 Equity SBC COMMUNICATIONS 33,048.00 861,561.36 604059105 Equity MINNESOTA MNG & MFG CO 9,566.00 813,396.98 375558103 Equity GILEAD SCIENCES, INC. 13,425.00 780,529.50 110122108 Equity BRISTOL MYERS SQUIBB 25,992.00 743,371.20 316071109 Equity FIDELITY CONTRAFUND 14,825.3730 731,632.16 584699102 Equity MEDIMMUNE INC 24,925.00 633,095.00 73941u102 Equity POZEN INC. 61,600.00 628,320.00 313586109 Equity FEDERAL NATIONAL MORTGAG 8,017.00 601,756.02 025816109 Equity AMERICAN EXPRESS CO 12,200.00 588,406.00 055622104 Equity BP AMOCO PLC SPONSORED A 11,561.00 570,535.35 035229103 Equity ANHEUSER BUSCH COMPANIES 10,600.00 558,408.00 548661107 Equity LOWES COS INC 8,650.00 479,123.50 780257804 Equity ROYAL DUTCH PETROLEUM CO 8,688.00 455,164.32 32020R109 Equity FIRST FINANCIAL BANKSHAR 10,370.00 426,414.40 822703609 Equity SHELL TRANSPORT & TRADIN 9,150.00 412,024.50 461308108 Equity INVESTMENT CO OF AMERICA 14,163.0640 408,462.77 079860102 Equity BELL SOUTH CORP 13,736.06 388,730.47 471023846 Equity JANUS OVERSEAS FUND 18,575.1120 383,761.81 41014S106 Equity JOHN HANCOCK FINANCIAL S 10,155.00 380,812.50 166764100 Equity CHEVRONTEXACO CORP 4,310.00 372,340.90 92343v104 Equity VERIZON COMMUNICATIONS 9,750.00 342,030.00 601073109 Equity MILLIPORE CORP. 7,709.00 331,872.45 054937107 Equity BB&T CORP 8,428.89 325,692.31 053015103 Equity AUTOMATIC DATA PROCESSIN 8,108.00 321,157.88 617446448 Equity MORGAN STANLEY DEAN WITT 5,364.00 310,414.68 929903102 Equity WACHOVIA CORP. 6,471.00 301,483.89 37733W105 Equity GLAXO SMITHKLINE PLC ADR 6,120.00 285,314.40 453432106 Equity INDEPENDENCE FED SVGS BA 12,100.00 281,446.00 570535104 Equity MARKEL CORP 1,100.00 278,861.00 33832P109 Equity FLAG INVS EQUITY PARTN C 11,200.0000 278,768.00 89151D200 Equity ISI TOTAL RETURN US TREA 27,000.7490 259,207.19 277919205 Equity EATON VANCE SER TRUST CA 524.4845 259,027.16 87612e106 Equity TARGET CORP 6,700.00 257,280.00 454089103 Equity INDIA FUND, INC. 10,000.00 252,000.00 375766102 Equity GILLETTE CORP 6,704.00 246,237.92 339030108 Equity FLEET BOSTON FINANCIAL C 5,347.00 233,396.55 68389X105 Equity ORACLE CORPORATION 17,300.00 228,360.00 291011104 Equity EMERSON ELECTRIC 3,400.00 220,150.00 263534109 Equity DU PONT E I DE NEMOURS 4,785.02 219,584.70 020002101 Equity ALLSTATE CORP 5,092.00 219,057.84 665859104 Equity NORTHERN TRUST COMPANY 4,500.00 208,890.00 090613100 Equity BIOMET INC. 5,625.00 204,806.25 14040H105 Equity CAPITAL ONE FINANCIAL CO 3,300.00 202,257.00 939330106 Equity WASHINGTON MUTUAL INVEST 7,000.7650 201,482.02 3128X1GF8 Fixed Inco FREDDIE MAC 9,750,000 9,573,281.25 2.250% Due 12-04-06 912795PK1 Fixed Inco TREASURY BILLS 2,000,000 1,997,920.00 0.896% Due 02-12-04 31339YFB3 Fixed Inco FEDERAL HOME LOAN BANK 1,800,000 1,719,000.00 5.250% Due 07-24-18 3128X1FF9 Fixed Inco FREDDIE MAC 1,700,000 1,569,100.00 5.000% Due 06-11-21 574192NQ9 Fixed Inco MARYLAND ST & LCL FACS 1,015,000 1,077,564.60 4.500% Due 03-01-13 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,064,380.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIVERSITY MD UNIV REVS 1,000,000 1,053,220.00 5.900% Due 06-01-04 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 1,050,000 1,040,812.50 6.000% Due 10-17-21 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 847,744.00 4.300% Due 06-01-13 9128276N7 Fixed Inco US TREASURY NOTE 670,000 719,412.50 5.750% Due 11-15-05 3136F3VP8 Fixed Inco FANNIE MAE 675,000 634,500.00 5.000% Due 06-04-18 312925B82 Fixed Inco FREDDIE MAC 605,000 605,189.06 6.250% Due 08-08-17 312925V56 Fixed Inco FREDDIE MAC 600,000 600,000.00 6.000% Due 08-28-17 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 530,890.00 5.000% Due 06-01-21 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 520,065.00 5.000% Due 03-01-23 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 514,525.00 2.750% Due 11-01-06 3129255A4 Fixed Inco FREDDIE MAC 500,000 500,000.00 6.000% Due 10-03-17 9128275M0 Fixed Inco US TREASURY NOTE 400,000 412,124.00 6.000% Due 08-15-04 912827S86 Fixed Inco US TREASURY NOTE 380,000 406,242.80 7.500% Due 02-15-05 912828BF6 Fixed Inco U.S. TREASURY NOTE 400,000 402,124.00 2.375% Due 08-15-06 613340PG7 Fixed Inco MONTGOMERY CNTY MD CONS 375,000 378,618.75 5.100% Due 04-01-04 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 365,995.00 4.750% Due 07-01-19 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 365,550.50 4.625% Due 05-01-17 912828BP4 Fixed Inco U.S. TREASURY NOTE 350,000 353,062.50 2.625% Due 11-15-06 590188ES3 Fixed Inco MERRILL LYNCH 300,000 340,875.00 7.000% Due 04-27-08 912827T85 Fixed Inco US TREASURY NOTE 300,000 320,625.00 6.500% Due 05-15-05 9128276X5 Fixed Inco US TREASURY NOTE 300,000 318,000.00 4.625% Due 05-15-06 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 313,587.00 4.700% Due 10-01-16 9128276T4 Fixed Inco US TREASURY NOTE 290,000 311,477.40 5.000% Due 02-15-11 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 295,965.00 4.000% Due 12-01-18 912827N81 Fixed Inco US TREASURY NOTE 280,000 281,663.20 5.875% Due 02-15-04 3133MQDG6 Fixed Inco FEDERAL HOME LOAN BANK 280,000 280,000.00 6.250% Due 08-07-17 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 272,572.50 4.550% Due 07-01-08 031905AA0 Fixed Inco AMOCO CO 240,000 270,000.00 6.500% Due 08-01-07 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 269,757.50 5.250% Due 02-15-10 57582NJM8 Fixed Inco MASSACHUSETTS 260,000 266,895.20 3.500% Due 01-01-10 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 256,670.00 3.700% Due 01-01-11 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 256,025.00 5.000% Due 05-15-25 1008524V1 Fixed Inco BOSTON, MA 250,000 255,572.50 4.375% Due 02-01-18 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 255,070.00 7.000% Due 10-01-23 034285A48 Fixed Inco ANDOVER, MA 250,000 254,315.00 4.200% Due 11-01-17 100852W65 Fixed Inco BOSTON, MA 250,000 253,707.50 4.250% Due 11-01-18 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 250,332.50 4.750% Due 02-01-26 3136F3Q90 Fixed Inco FANNIE MAE 250,000 247,500.00 2.280% Due 01-16-07 434830LX1 Fixed Inco HOLDEN, MA 250,000 246,845.00 3.650% Due 10-15-15 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 245,347.20 4.000% Due 01-01-14 3136F3T55 Fixed Inco FANNIE MAE 240,000 239,474.40 5.500% Due 07-30-18 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 220,110.00 4.750% Due 05-01-09 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 217,426.00 4.500% Due 12-01-07 766570AC9 Fixed Inco RIGGS NATIONAL CORP SUB 200,000 213,000.00 9.650% Due 06-15-09 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 211,090.00 5.000% Due 07-01-05 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 209,536.00 4.100% Due 01-01-06 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 209,278.00 4.650% Due 09-01-12 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 208,074.00 5.400% Due 04-01-11 3133mezp9 Fixed Inco FEDERAL HOME LN BK CONS 200,000 203,312.00 6.070% Due 05-24-11 983219WU6 Fixed Inco WYOMING COMMUNITY DEVELO 200,000 202,438.00 5.150% Due 06-01-04 ------------ GRAND TOTAL 360,754,145.58 ============