13F-HR 1 a13f063004.txt 06302004 Asset Market Cusip Class Security Quantity Value ---------- ---------- ------------------------ ---------- ------------ 026874107 Equity AMER INTL GROUP INC 178,769.01 12,742,654.86 369604103 Equity GENERAL ELECTRIC 391,219.54 12,675,513.10 717081103 Equity PFIZER INC 325,153.63 11,146,266.50 713448108 Equity PEPSICO INC 201,522.93 10,858,055.52 747525103 Equity QUALCOMM INC 140,991.59 10,289,566.02 478160104 Equity JOHNSON & JOHNSON 179,557.88 10,001,373.76 437076102 Equity HOME DEPOT INC 267,739.25 9,424,421.67 585055106 Equity MEDTRONIC INC 192,004.44 9,354,456.56 855030102 Equity STAPLES INC 311,839.62 9,140,019.17 941848103 Equity WATERS CORP 190,800.00 9,116,424.00 494368103 Equity KIMBERLY CLARK CORP 137,886.80 9,083,982.65 24702R101 Equity DELL COMPUTER CORP 251,345.00 9,003,177.90 742718109 Equity PROCTER & GAMBLE CO 151,974.00 8,273,464.56 594918104 Equity MICROSOFT CORP 287,417.07 8,208,631.55 060505104 Equity BANK OF AMERICA CORP 96,109.00 8,132,743.58 172967101 Equity CITIGROUP INC 170,347.40 7,921,154.05 703395103 Equity PATTERSON COMPANIES 102,929.00 7,873,039.21 871829107 Equity SYSCO CORP 210,342.00 7,544,967.54 029066107 Equity AMERICAN PWR CONVERSION 381,920.00 7,504,728.00 589331107 Equity MERCK & CO INC 150,524.97 7,149,936.20 319963104 Equity FIRST DATA CORP. 149,237.29 6,644,044.20 500255104 Equity KOHLS CORPORATION 152,525.00 6,448,757.00 949746101 Equity WELLS FARGO & CO 105,934.00 6,062,602.82 792860108 Equity ST. PAUL TRAVELERS 149,461.01 6,059,149.21 950590109 Equity WENDYS INTL INC 173,489.14 6,044,361.74 879369106 Equity TELEFLEX, INC. 116,896.73 5,862,371.11 931142103 Equity WAL MART STORES 108,294.16 5,713,600.15 92857W100 Equity VODAFONE GROUP PLC NEW A 247,011.00 5,458,943.10 30231G102 Equity EXXON MOBIL CORP 121,364.00 5,389,775.24 313400301 Equity FREDDIE MAC 84,615.92 5,356,187.86 268648102 Equity E M C CORP MASS 464,523.00 5,295,562.20 911312106 Equity UNITED PARCEL SVC INC B 68,675.00 5,162,299.75 654902204 Equity NOKIA CORP ADR 346,757.02 5,041,847.01 31428X106 Equity FEDEX CORP. 58,951.06 4,815,711.85 628530107 Equity MYLAN LABORATORIES INC. 218,275.00 4,420,068.75 194162103 Equity COLGATE PALMOLIVE CO 74,846.00 4,374,748.70 428236103 Equity HEWLETT-PACKARD 205,987.00 4,346,325.70 811183102 Equity SCUDDER NEW ASIA FUND 336,751.16 4,293,577.33 458140100 Equity INTEL CORP 151,870.18 4,191,617.08 084670207 Equity BERKSHIRE HATHAWAY CL. B 1,373.00 4,057,215.00 257651109 Equity DONALDSON INC. 136,800.00 4,008,240.00 17275R102 Equity CISCO SYS INC 165,040.00 3,911,448.00 126650100 Equity CVS CORP 90,092.00 3,785,665.84 806605101 Equity SCHERING PLOUGH CORP 197,200.00 3,644,256.00 364730101 Equity GANNETT CO., INC. 42,795.00 3,631,155.75 931422109 Equity WALGREEN COMPANY 90,295.00 3,269,581.95 913017109 Equity UNITED TECHNOLOGIES CORP 31,975.00 2,925,073.00 09067D201 Equity BIOTECH HOLDRS TRUST 18,472.58 2,705,309.93 06423A103 Equity BANK ONE CORP 44,716.00 2,280,516.00 923436109 Equity VERITAS SOFTWARE CORP 80,002.00 2,216,055.40 38141G104 Equity GOLDMAN SACHS 22,600.00 2,128,016.00 532457108 Equity LILLY ELI & CO 27,216.00 1,902,670.56 459200101 Equity INTL BUSINESS MACH 20,869.00 1,839,602.35 Equity BURKE & HERBERT BANK & T 824.00 1,672,720.00 871565909 Equity SYNALLOY CORP. 159,216.00 1,624,003.20 151020104 Equity CELGENE CORP. 28,000.00 1,603,280.00 191216100 Equity COCA COLA CO 29,450.62 1,486,667.30 580135101 Equity MCDONALDS CORP 54,650.00 1,420,900.00 031162100 Equity AMGEN INC. 22,100.00 1,205,997.00 002824100 Equity ABBOTT LABORATORIES 26,413.00 1,076,593.88 939640108 Equity WASHINGTON POST 1,144.00 1,063,931.44 375558103 Equity GILEAD SCIENCES, INC. 15,350.00 1,028,450.00 584688105 Equity THE MEDICINES COMPANY 33,450.00 1,020,559.50 372917104 Equity GENZYME CORPORATION 21,325.00 1,009,312.25 101137107 Equity BOSTON SCIENTIFIC CORP 22,450.00 960,860.00 88579Y101 Equity MINNESOTA MNG & MFG CO 9,766.00 879,037.66 316071109 Equity FIDELITY CONTRAFUND 14,825.3730 776,849.55 584699102 Equity MEDIMMUNE INC 28,425.00 665,145.00 055622104 Equity BP AMOCO PLC SPONSORED A 12,339.00 661,000.23 110122108 Equity BRISTOL MYERS SQUIBB 26,760.00 655,620.00 025816109 Equity AMERICAN EXPRESS CO 11,900.00 611,422.00 983024100 Equity WYETH HEALTHCARE 16,190.00 585,430.40 035229103 Equity ANHEUSER BUSCH COMPANIES 10,600.00 572,400.00 55262l100 Equity MBNA CORP 19,911.00 513,504.69 315916783 Equity FIDELITY FLOATING RATE H 50,556.1180 501,011.13 922031851 Equity VANGUARD SHORT TERM TREA 46,772.6840 490,645.46 Equity MANULIFE FINANCIAL CORP. 11,832.00 479,196.00 73941U102 Equity POZEN INC. 66,350.00 453,834.00 92343V104 Equity VERIZON COMMUNICATIONS 12,369.00 447,634.11 780257804 Equity ROYAL DUTCH PETROLEUM CO 8,600.00 444,362.00 32020R109 Equity FIRST FINANCIAL BANKSHAR 10,370.00 434,814.10 822703609 Equity SHELL TRANSPORT & TRADIN 9,150.00 409,005.00 166764100 Equity CHEVRONTEXACO CORP 4,106.00 386,415.66 471023846 Equity JANUS OVERSEAS FUND 18,575.1120 380,232.54 548661107 Equity LOWES COS INC 7,100.00 373,105.00 601073109 Equity MILLIPORE CORP. 6,500.00 366,405.00 78387G103 Equity SBC COMMUNICATIONS 14,983.00 363,337.75 461308108 Equity INVESTMENT CO OF AMERICA 12,032.7260 351,114.94 887317105 Equity TIME WARNER 19,900.00 349,842.00 079860102 Equity BELL SOUTH CORP 13,064.06 342,539.63 291011104 Equity EMERSON ELECTRIC 5,330.00 338,721.50 054937107 Equity BB&T CORP 8,961.86 331,320.11 053015103 Equity AUTOMATIC DATA PROCESSIN 7,623.00 319,251.24 617446448 Equity MORGAN STANLEY DEAN WITT 5,848.00 308,598.96 570535104 Equity MARKEL CORP 1,100.00 305,250.00 33832P109 Equity FLAG INVS EQUITY PARTN C 11,200.0000 292,544.00 375766102 Equity GILLETTE CORP 6,704.00 284,249.60 929903102 Equity WACHOVIA CORP. 6,310.00 280,795.00 090613100 Equity BIOMET INC. 6,025.00 267,751.00 453432106 Equity INDEPENDENCE FED SVGS BA 12,100.00 245,630.00 263534109 Equity DU PONT E I DE NEMOURS 5,503.02 244,444.28 020002101 Equity ALLSTATE CORP 5,092.00 237,032.60 14040H105 Equity CAPITAL ONE FINANCIAL CO 3,300.00 225,654.00 313586109 Equity FEDERAL NATIONAL MORTGAG 3,097.00 221,001.92 454089103 Equity INDIA FUND, INC. 10,000.00 214,800.00 806857108 Equity SCHLUMBERGER LTD 3,221.00 204,565.71 3128X1GF8 Fixed Inco FREDDIE MAC 5,935,000 5,800,690.95 2.250% Due 12-04-06 060505BM5 Fixed Inco BANK OF AMERICA CORP. 3,500,000 3,468,850.00 5.375% Due 06-15-14 38143UAB7 Fixed Inco GOLDMAN SACHS 3,475,000 3,337,112.00 5.150% Due 01-15-14 50075NAL8 Fixed Inco KRAFT FOODS, INC. 3,385,000 3,297,768.55 5.250% Due 10-01-13 61748AAE6 Fixed Inco MORGAN STANLEY 3,475,000 3,206,104.50 4.750% Due 04-01-14 3136F5MJ7 Fixed Inco FANNIE MAE 3,125,000 3,058,593.75 2.600% Due 03-30-07 264399EM4 Fixed Inco DUKE ENERGY CORP. 2,500,000 2,414,200.00 5.300% Due 10-01-15 035229CV3 Fixed Inco ANHEUSER BUSCH COMPANIES 2,500,000 2,406,800.00 5.050% Due 10-15-16 3128X2V44 Fixed Inco FREDDIE MAC 2,200,000 2,115,850.00 5.000% Due 04-01-14 166779AA6 Fixed Inco CHEVY CHASE BANK 1,100,000 1,115,125.00 6.875% Due 12-01-13 574192NQ9 Fixed Inco MARYLAND ST & LCL FACS 1,015,000 1,050,047.95 4.500% Due 03-01-13 3136f0v33 Fixed Inco FEDERAL NATL MTG ASSN MT 1,050,000 1,046,062.50 6.000% Due 10-17-21 914402PK2 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,032,860.00 4.400% Due 04-01-12 914402PR7 Fixed Inco UNIV MD SYS AUX FAC 1,000,000 1,029,060.00 4.875% Due 04-01-18 055411AE2 Fixed Inco B.F. SAUL REAL ESTATE IN 1,000,000 1,003,750.00 7.500% Due 03-01-14 3136F5QT1 Fixed Inco FANNIE MAE 925,000 917,489.00 6.000% Due 04-30-19 9401563D2 Fixed Inco WASHINGTON SUBN SAN DIST 800,000 822,080.00 4.300% Due 06-01-13 3128X2EJ0 Fixed Inco FREDDIE MAC 725,000 718,931.75 6.000% Due 12-24-18 912795QX2 Fixed Inco TREASURY BILLS 650,000 649,051.00 0.975% Due 08-12-04 912828AW0 Fixed Inco US TREASURY NOTE 634,000 632,814.42 1.625% Due 03-31-05 3136F3VP8 Fixed Inco FANNIE MAE 575,000 546,612.25 5.000% Due 06-04-18 059132G46 Fixed Inco BALTIMORE COUNTY, MD 500,000 518,630.00 5.000% Due 06-01-21 03588EMX8 Fixed Inco ANNE ARUNDEL COUNTY MD 500,000 506,645.00 5.000% Due 03-01-23 613340XM5 Fixed Inco MONTGOMERY CNTY MD REF-S 500,000 506,290.00 2.750% Due 11-01-06 9128275M0 Fixed Inco US TREASURY NOTE 400,000 402,376.00 6.000% Due 08-15-04 912828BF6 Fixed Inco U.S. TREASURY NOTE 400,000 396,624.00 2.375% Due 08-15-06 3136F2AQ1 Fixed Inco FANNIE MAE 400,000 394,124.00 6.000% Due 08-01-22 912827S86 Fixed Inco US TREASURY NOTE 380,000 393,300.00 7.500% Due 02-15-05 574157J53 Fixed Inco MARYLAND NATL CAP PK & P 350,000 355,631.50 4.625% Due 05-01-17 792554RU3 Fixed Inco ST. MARYS CNTY MD CONS P 350,000 355,194.00 4.750% Due 07-01-19 3133X72S2 Fixed Inco FEDERAL HOME LOAN BANK 350,000 353,720.50 5.375% Due 05-15-19 912828BP4 Fixed Inco U.S. TREASURY NOTE 350,000 347,595.50 2.625% Due 11-15-06 9128276N7 Fixed Inco US TREASURY NOTE 300,000 313,689.00 5.750% Due 11-15-05 912827T85 Fixed Inco US TREASURY NOTE 300,000 311,532.00 6.500% Due 05-15-05 9128276X5 Fixed Inco US TREASURY NOTE 300,000 310,593.00 4.625% Due 05-15-06 144879TK9 Fixed Inco CARROLL CNTY MD COMMNRS 300,000 307,761.00 4.700% Due 10-01-16 576049KT6 Fixed Inco MASSACHUSETTS STATE WATE 300,000 281,412.00 4.000% Due 12-01-18 613340UW6 Fixed Inco MONTGOMERY COUNTY, MD 250,000 274,377.50 5.200% Due 01-01-11 188594HV0 Fixed Inco CLINTON TOWNSHIP, MI WAT 250,000 264,542.50 4.550% Due 07-01-08 521768TT8 Fixed Inco LEAGUE CITY, TX 250,000 262,655.00 5.250% Due 02-15-10 57582NJM8 Fixed Inco MASSACHUSETTS 260,000 260,577.20 3.500% Due 01-01-10 462416AN8 Fixed Inco IOWA EL LT & PWR 250,000 253,200.00 7.000% Due 10-01-23 57582NJP1 Fixed Inco MASSACHUSETTS 250,000 250,402.50 3.700% Due 01-01-11 100852W65 Fixed Inco BOSTON, MA 250,000 249,675.00 4.250% Due 11-01-18 1008524V1 Fixed Inco BOSTON, MA 250,000 249,047.50 4.375% Due 02-01-18 57585KN53 Fixed Inco MASSACHUSETTS STATE HEAL 250,000 246,167.50 5.000% Due 05-15-25 034285A48 Fixed Inco ANDOVER, MA 250,000 243,690.00 4.200% Due 11-01-17 57582NJU0 Fixed Inco MASSACHUSETTS 240,000 240,684.00 4.000% Due 01-01-14 434830LX1 Fixed Inco HOLDEN, MA 250,000 237,317.50 3.650% Due 10-15-15 576047JW5 Fixed Inco MASSACHUSETTS WATER POLL 250,000 236,435.00 4.750% Due 02-01-26 059195JZ1 Fixed Inco BALTIMORE MD REF BRD ED 200,000 218,548.00 5.250% Due 04-01-10 977056UW8 Fixed Inco STATE OF WISCONSIN 200,000 213,208.00 4.750% Due 05-01-09 434452FC7 Fixed Inco HOFFMAN ESTATES, IL 200,000 211,602.00 4.500% Due 12-01-07 649838XZ7 Fixed Inco NEW YORK STATE DORM AUTH 200,000 206,580.00 5.000% Due 07-01-05 575827PK0 Fixed Inco STATE OF MASSACHUSSETTS 200,000 205,882.00 4.100% Due 01-01-06 57419J5X7 Fixed Inco MD ST CMNTY DEV ADMIN DE 200,000 205,482.00 5.400% Due 04-01-11 57419NJA3 Fixed Inco MARYLAND ST CMNTY DEV AD 200,000 205,214.00 4.650% Due 09-01-12 912828AH3 Fixed Inco US TREASURY NOTE 200,000 200,188.00 3.250% Due 08-15-07 ------------ GRAND TOTAL 411,380,167.62 ============