13F-HR 1 a13f033104.txt 033104 Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 026874107 Equity AMER INTL GROUP INC 175,372.83 12,512,851.11 369604103 Equity GENERAL ELECTRIC CO 375,618.73 11,463,883.64 717081103 Equity PFIZER INC 317,902.65 11,142,488.02 713448108 Equity PEPSICO INC 200,771.21 10,811,529.44 437076102 Equity HOME DEPOT INC 261,795.40 9,780,676.29 747525103 Equity QUALCOMM INC 143,760.37 9,548,563.64 494368103 Equity KIMBERLY CLARK CORP 151,035.85 9,530,362.39 594918104 Equity MICROSOFT CORP 378,972.07 9,462,932.61 585055106 Equity MEDTRONIC INC 183,004.00 8,738,440.95 478160104 Equity JOHNSON & JOHNSON 170,704.14 8,658,114.09 172967101 Equity CITIGROUP INC 165,371.96 8,549,730.23 029066107 Equity AMERICAN PWR CONVERSION 362,282.00 8,336,108.82 24702r101 Equity DELL COMPUTER CORP 245,945.00 8,268,670.90 871829107 Equity SYSCO CORP 208,917.00 8,158,208.85 941848103 Equity WATERS CORP 197,000.00 8,045,480.00 742718109 Equity PROCTER & GAMBLE CO 74,132.90 7,775,058.66 855030102 Equity STAPLES INC 304,738.00 7,737,297.82 703412106 Equity PATTERSON DENTAL CO 108,279.00 7,429,022.19 060505104 Equity BANK OF AMERICA CORP 87,542.00 7,089,151.16 950590109 Equity WENDYS INTL INC 168,988.31 6,876,134.17 589331107 Equity MERCK & CO INC 146,720.97 6,483,599.56 500255104 Equity KOHLS CORPORATION 133,700.00 6,461,721.00 931142103 Equity WAL MART STORES 105,893.48 6,320,782.12 268648102 Equity E M C CORP MASS 457,423.00 6,225,527.03 949746101 Equity WELLS FARGO & CO 105,634.00 5,986,278.78 319963104 Equity FIRST DATA CORP. 141,036.22 5,946,087.08 92857w100 Equity VODAFONE GROUP PLC NEW A 234,130.00 5,595,707.00 89420g109 Equity TRAVELERS PROPERTY CASUA 325,410.00 5,580,781.58 879369106 Equity TELEFLEX, INC. 110,695.77 5,449,552.81 313400301 Equity FREDDIE MAC 89,219.05 5,269,276.97 30231g102 Equity EXXON MOBIL CORP 120,671.00 5,018,706.89 811183102 Equity SCUDDER NEW ASIA FUND 333,250.00 4,945,430.00 31428X106 Equity FEDEX CORP. 65,150.94 4,896,744.35 911312106 Equity UNITED PARCEL SVC INC B 63,275.00 4,419,126.00 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,322.00 4,112,755.22 194162103 Equity COLGATE PALMOLIVE CO 74,346.00 4,096,464.60 458140100 Equity INTEL CORP 149,870.18 4,076,469.00 364730101 Equity GANNETT CO., INC. 44,040.00 3,881,685.60 17275r102 Equity CISCO SYS INC 157,490.00 3,704,164.80 532457108 Equity LILLY ELI & CO 50,966.00 3,409,625.40 257651109 Equity DONALDSON INC. 110,900.00 2,942,177.00 931422109 Equity WALGREEN COMPANY 88,395.00 2,912,615.25 126650100 Equity CVS CORP 76,792.00 2,710,757.60 09067D201 Equity BIOTECH HOLDRS TRUST 18,172.58 2,582,324.19 654902204 Equity NOKIA CORP ADR 126,900.00 2,573,532.00 438516106 Equity HONEYWELL INTL INC 74,175.00 2,510,823.75 06423A103 Equity BANK ONE CORP 44,716.00 2,437,916.32 913017109 Equity UNITED TECHNOLOGIES CORP 26,491.00 2,286,173.30 38141G104 Equity GOLDMAN SACHS 21,800.00 2,274,830.00 923436109 Equity VERITAS SOFTWARE CORP 75,322.00 2,026,915.02 121331102 Equity BURKE & HERBERT BANK & T 824.00 1,854,000.00 887317105 Equity TIME WARNER 102,400.00 1,726,464.00 580135101 Equity MCDONALDS CORP 59,750.00 1,707,057.50 459200101 Equity INTL BUSINESS MACH 18,144.00 1,666,344.96 191216100 Equity COCA COLA CO 29,937.22 1,505,842.27 983024100 Equity WYETH HEALTHCARE 38,484.00 1,445,074.20 151020104 Equity CELGENE CORP. 28,000.00 1,334,200.00 031162100 Equity AMGEN INC. 21,650.00 1,259,380.50 002824100 Equity ABBOTT LABORATORIES 27,515.00 1,130,866.50 871565107 Equity SYNALLOY CORP. 161,497.00 1,106,254.45 584688105 Equity THE MEDICINES COMPANY 32,550.00 1,048,435.50 428236103 Equity HEWLETT-PACKARD 44,787.00 1,022,935.08 939640108 Equity WASHINGTON POST 1,144.00 1,011,765.04 101137107 Equity BOSTON SCIENTIFIC CORP 23,750.00 1,006,525.00 372917104 Equity GENZYME CORPORATION 21,025.00 989,016.00 73941u102 Equity POZEN INC. 64,050.00 885,171.00 375558103 Equity GILEAD SCIENCES, INC. 15,150.00 844,915.50 316071109 Equity FIDELITY CONTRAFUND 14,825.3730 758,910.84 88579y101 Equity MINNESOTA MNG & MFG CO 9,066.00 742,233.42 025816109 Equity AMERICAN EXPRESS CO 12,700.00 658,495.00 055622104 Equity BP AMOCO PLC SPONSORED A 12,689.00 649,676.80 110122108 Equity BRISTOL MYERS SQUIBB 26,792.00 649,170.16 584699102 Equity MEDIMMUNE INC 27,325.00 630,661.00 035229103 Equity ANHEUSER BUSCH COMPANIES 10,600.00 540,600.00 315916783 Equity FIDELITY FLOATING RATE H 50,556.1180 500,505.57 922031851 Equity VANGUARD SHORT TERM TREA 46,772.6840 500,467.72 41014S106 Equity JOHN HANCOCK FINANCIAL S 10,155.00 443,671.95 471023846 Equity JANUS OVERSEAS FUND 18,575.1120 426,856.07 316200104 Equity FIDELITY GROWTH CO 8,228.9350 424,613.05 32020R109 Equity FIRST FINANCIAL BANKSHAR 10,370.00 416,770.30 461308108 Equity INVESTMENT CO OF AMERICA 14,199.9730 413,787.21 548661107 Equity LOWES COS INC 7,100.00 398,523.00 92343v104 Equity VERIZON COMMUNICATIONS 10,801.00 394,668.54 780257804 Equity ROYAL DUTCH PETROLEUM CO 7,988.00 380,069.04 822703609 Equity SHELL TRANSPORT & TRADIN 9,150.00 365,176.50 78387g103 Equity SBC COMMUNICATIONS 14,469.00 355,069.26 079860102 Equity BELL SOUTH CORP 12,668.06 350,778.55 166764100 Equity CHEVRONTEXACO CORP 3,960.00 347,608.80 601073109 Equity MILLIPORE CORP. 6,500.00 333,970.00 053015103 Equity AUTOMATIC DATA PROCESSIN 7,908.00 332,136.00 570535104 Equity MARKEL CORP 1,100.00 316,690.00 054937107 Equity BB&T CORP 8,927.00 315,123.21 617446448 Equity MORGAN STANLEY DEAN WITT 5,364.00 307,357.20 929903102 Equity WACHOVIA CORP. 6,471.00 304,137.00 87612e106 Equity TARGET CORP 6,714.00 302,398.56 315910505 Equity FIDELITY WORLDWIDE FUND 17,216.5190 291,303.50 33832P109 Equity FLAG INVS EQUITY PARTN C 11,200.0000 290,192.00 291011104 Equity EMERSON ELECTRIC 4,630.00 277,429.60 277919205 Equity EATON VANCE SER TRUST CA 524.4845 263,988.78 89151D200 Equity ISI TOTAL RETURN US TREA 27,000.7490 263,527.31 454089103 Equity INDIA FUND, INC. 10,000.00 263,000.00 375766102 Equity GILLETTE CORP 6,704.00 262,126.40 453432106 Equity INDEPENDENCE FED SVGS BA 12,100.00 252,890.00 313586109 Equity FEDERAL NATIONAL MORTGAG 3,397.00 252,566.95 14040H105 Equity CAPITAL ONE FINANCIAL CO 3,300.00 248,919.00 339030108 Equity FLEET BOSTON FINANCIAL C 5,347.00 240,080.30 37733W105 Equity GLAXO SMITHKLINE PLC ADR 5,820.00 232,509.00 697900108 Equity PAN AMERICAN SILVER CORP 13,000.00 231,660.00 020002101 Equity ALLSTATE CORP 5,092.00 231,482.32 090613100 Equity BIOMET INC. 6,025.00 231,119.00 806605101 Equity SCHERING PLOUGH CORP 14,200.00 230,324.00 263534109 Equity DU PONT E I DE NEMOURS 5,085.02 214,689.67 06646v108 Equity BANK RATE, INC. 10,593.00 210,906.63 806857108 Equity SCHLUMBERGER LTD 3,221.00 205,660.85 912828AW0 Fixed Inco US TREASURY NOTE 10,080,000 10,127,275.20 1.625% Due 03-31-05 912828BN9 Fixed Inco US TREASURY NOTE 9,830,000 9,869,909.80 1.625% Due 10-31-05 912828AL4 Fixed Inco US TREASURY NOTE 9,780,000 9,822,836.40 1.875% Due 09-30-04 3128X1GF8 Fixed Inco FREDDIE MAC 7,185,000 7,167,037.50 2.250% Due 12-04-06 3136F5MJ7 Fixed Inco FANNIE MAE 3,125,000 3,120,312.50 2.600% Due 09-30-07 3128X2V44 Fixed Inco FREDDIE MAC 2,325,000 2,307,562.50 5.000% Due 04-01-14 912795QX2 Fixed Inco TREASURY BILLS 1,250,000 1,245,587.50 0.975% Due 08-12-04 574192NQ9 Fixed Inco MARYLAND ST & LCL FACS 1,015,000 1,078,995.75 4.500% Due 03-01-13 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,068,840.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,056,010.00 4.875% Due 04-01-18 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 1,050,000 1,049,475.00 6.000% Due 10-17-21 055411ac6 Fixed Inco B.F. SAUL REAL ESTATE IN 1,000,000 1,015,000.00 7.500% Due 03-01-14 912795PZ8 Fixed Inco TREASURY BILLS 900,000 898,893.00 0.915% Due 05-20-04 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 853,800.00 4.300% Due 06-01-13 3136F3VP8 Fixed Inco FANNIE MAE 575,000 550,850.00 5.000% Due 06-04-18 3133MBY92 Fixed Inco FEDERAL HOME LOAN BANK 500,000 536,625.00 6.875% Due 08-15-05 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 535,575.00 5.000% Due 06-01-21 742651CT7 Fixed Inco PRIVATE EXPORT FUNDING C 500,000 534,375.00 5.340% Due 03-15-06 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 523,285.00 5.000% Due 03-01-23 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 515,710.00 2.750% Due 11-01-06 9128276N7 Fixed Inco US TREASURY NOTE 411,000 439,642.59 5.750% Due 11-15-05 3133X2BY0 Fixed Inco FEDERAL HOME LOAN BANK 405,000 408,418.20 2.125% Due 11-15-05 9128275M0 Fixed Inco US TREASURY NOTE 400,000 407,500.00 6.000% Due 08-15-04 912828BF6 Fixed Inco U.S. TREASURY NOTE 400,000 405,876.00 2.375% Due 08-15-06 912827S86 Fixed Inco US TREASURY NOTE 380,000 401,017.80 7.500% Due 02-15-05 3136F2AQ1 Fixed Inco FANNIE MAE 400,000 400,124.00 6.000% Due 08-01-22 613340PG7 Fixed Inco MONTGOMERY CNTY MD CONS 375,000 375,000.00 5.100% Due 04-01-04 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 366,950.50 4.750% Due 07-01-19 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 366,520.00 4.625% Due 05-01-17 912828BP4 Fixed Inco U.S. TREASURY NOTE 350,000 356,891.50 2.625% Due 11-15-06 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 319,605.00 4.700% Due 10-01-16 9128276X5 Fixed Inco US TREASURY NOTE 300,000 318,750.00 4.625% Due 05-15-06 912827T85 Fixed Inco US TREASURY NOTE 300,000 317,625.00 6.500% Due 05-15-05 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 295,032.00 4.000% Due 12-01-18 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 272,722.50 4.550% Due 07-01-08 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 268,862.50 5.250% Due 02-15-10 57582NJM8 Fixed Inco MASSACHUSETTS 260,000 268,694.40 3.500% Due 01-01-10 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 258,585.00 3.700% Due 01-01-11 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 257,470.00 7.000% Due 10-01-23 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 257,405.00 5.000% Due 05-15-25 1008524V1 Fixed Inco BOSTON, MA 250,000 256,595.00 4.375% Due 02-01-18 034285A48 Fixed Inco ANDOVER, MA 250,000 255,425.00 4.200% Due 11-01-17 100852W65 Fixed Inco BOSTON, MA 250,000 254,257.50 4.250% Due 11-01-18 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 251,567.50 4.750% Due 02-01-26 3136F3Q90 Fixed Inco FANNIE MAE 250,000 250,625.00 2.280% Due 01-16-07 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 249,876.00 4.000% Due 01-01-14 434830LX1 Fixed Inco HOLDEN, MA 250,000 248,520.00 3.650% Due 10-15-15 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 220,958.00 4.750% Due 05-01-09 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 218,060.00 4.500% Due 12-01-07 3133MDGL2 Fixed Inco FEDERAL HOME LOAN BANK 200,000 213,376.00 5.375% Due 02-15-06 3133MJUR9 Fixed Inco FEDERAL HOME LOAN BANK 200,000 210,188.00 4.125% Due 11-15-06 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 209,616.00 5.000% Due 07-01-05 031678AF2 Fixed Inco AMOCO CANADA PETROLEUM C 200,000 209,395.00 6.750% Due 02-15-05 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 209,294.00 4.650% Due 09-01-12 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 209,276.00 4.100% Due 01-01-06 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 207,880.00 5.400% Due 04-01-11 912828AH3 Fixed Inco US TREASURY NOTE 200,000 207,062.00 3.250% Due 08-15-07 983219WU6 Fixed Inco WYOMING COMMUNITY DEVELO 200,000 201,058.00 5.150% Due 06-01-04 392118DK8 Fixed Inco GREATER LAWRENCE MASS 200,000 200,726.00 4.000% Due 03-15-17 31339XEX8 Fixed Inco FEDERAL HOME LOAN BANK 200,000 200,438.00 5.000% Due 05-25-18 ------------ GRAND TOTAL 410,976,842.90 ============