1
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.

For the quarterly period ended:  JUNESEPTEMBER 30, 1997.

Commission file number:  0-14282.

Exact name of registrant as specified in its charter:
T. ROWE PRICE ASSOCIATES, INC.

State of incorporation:  MARYLAND.

I.R.S. Employer Identification No.:  52-0556948.

Address and Zip Code of principal executive offices:  100 EAST PRATT STREET,
BALTIMORE, MARYLAND  21202.

Registrant's telephone number, including area code:  (410) 345-2000.

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.  Yes [X].  No [  ].

Indicate the number of shares outstanding of the issuer's common stock ($.20
par value), as of the latest practicable date.  58,059,36958,457,825 SHARES AT JULY 23,OCTOBER
16, 1997.

Exhibit index is at Item 6(a) on page 11.


















 2
PART I.  FINANCIAL INFORMATION.
ITEM 1.  FINANCIAL STATEMENTS.

                         T. ROWE PRICE ASSOCIATES, INC.
                UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                       (in thousands, except share data)


                                                        12/31/96  06/09/30/97
                                                        ________  ________
ASSETS
Cash and cash equivalents                               $114,551  $134,286$180,727
Accounts receivable                                       73,239    83,42187,888
Investments in sponsored mutual funds held as
 available-for-sale securities                           143,410   166,634176,149
Partnership and other investments                         25,161    23,57324,275
Property and equipment                                   101,207   122,495132,744
Goodwill and other assets                                 21,266    15,26016,323
                                                        ________  ________
                                                        $478,834  $545,669$618,106
                                                        ________  ________
                                                        ________  ________


LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
 Accounts payable and accrued expenses                  $ 31,529  $ 36,37631,737
 Accrued compensation and retirement costs                41,523    46,32466,454
 Income taxes payable                                     14,464    14,21217,760
 Dividends payable                                         7,484     7,5377,586
 Minority interests in consolidated subsidiaries          38,168    40,87046,196
                                                        ________  ________
     Total liabilities                                   133,168   145,319169,733
                                                        ________  ________

Commitments and contingent liabilities

Stockholders' equity
 Preferred stock, undesignated, $.20 par value -
  authorized and unissued 20,000,000 shares                   --        --
 Common stock, $.20 par value - authorized
  200,000,000 shares; issued 57,572,791 shares
  in 1996 and 57,978,85458,366,912 shares in 1997                   11,514    11,59611,673
 Capital in excess of par value                            7,823    9,92218,249
 Retained earnings                                       306,566   350,837384,588
 Unrealized security holding gains                        19,763    27,99533,863
                                                        ________  ________
     Total stockholders' equity                          345,666   400,350448,373
                                                        ________  ________
                                                        $478,834  $545,669$618,106
                                                        ________  ________
                                                        ________  ________





See the accompanying notes to the condensed consolidated financial
statements.

 3

                         T. ROWE PRICE ASSOCIATES, INC.
             UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                    (in thousands, except per-share amounts)

                                       Three months      SixNine months
                                           ended            ended
                                       JuneSeptember 30,    JuneSeptember 30,
                                     __________________________________
                                       1996    1997     1996     1997
                                     ________ ________________ ________

Revenues
  Investment advisory fees          $109,702 $141,549 $209,708 $270,846$118,765 $158,233 $328,473 $429,079
  Administrative fees                 29,968   34,694   58,094   69,82928,654   37,533   86,748  107,362
  Investment and other income          4,018    3,845    8,298    7,3722,731    4,003   11,029   11,375
                                    ________ ________ ________ ________
                                     143,688  180,088  276,100  348,047150,150  199,769  426,250  547,816
                                    ________ ________ ________ ________

Expenses
  Compensation and related costs      43,165   55,788   85,151  109,86646,691   59,944  131,842  169,810
  Advertising and promotion           14,353   13,742   30,423   31,19911,347   13,419   41,770   44,618
  Depreciation, amortization and
   operating rentals of property
   and equipment                      9,036   11,149   17,128   21,24810,809   14,126   27,937   35,374
  International investment
   research fees                       9,680   11,782   18,714   22,7399,900   13,145   28,614   35,884
  Administrative and general          20,222   24,545   38,514   45,57221,837   24,516   60,351   70,088
                                    ________ ________ ________ ________
                                     96,456  117,006  189,930  230,624100,584  125,150  290,514  355,774
                                    ________ ________ ________ ________

Income before income taxes and
 minority interests                   47,232   63,082   86,170  117,42349,566   74,619  135,736  192,042
Provision for income taxes            18,416   24,162   33,573   45,28619,220   27,968   52,793   73,254
                                    ________ ________ ________ ________
Income from consolidated companies    28,816   38,920   52,597   72,13730,346   46,651   82,943  118,788
Minority interests in consolidated
 subsidiaries                          4,366    5,138    7,728    9,8084,398    5,314   12,126   15,122
                                    ________ ________ ________ ________

Net income                          $ 24,45025,948 $ 33,78241,337 $ 44,869 $ 62,32970,817 $103,666
                                    ________ ________ ________ ________
                                    ________ ________ ________ ________

Earnings per share                  $    .40.42 $    .53.64 $   .731.15 $   .981.63
                                    ________ ________ ________ ________
                                    ________ ________ ________ ________

Dividends declared per share        $   .105 $    .13 $   .21.315 $    .26.39
                                    ________ ________ ________ ________
                                    ________ ________ ________ ________

Weighted average shares outstanding,
 including share equivalents arising
 from unexercised stock options       61,774   63,514   61,633   63,52761,776   64,254   61,680   63,772
                                    ________ ________ ________ ________
                                    ________ ________ ________ ________





See the accompanying notes to the condensed consolidated financial
statements.

 4
                         T. ROWE PRICE ASSOCIATES, INC.
           UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)

                                                        SixNine months ended
                                                       __________________
                                                       06/09/30/96  06/09/30/97 
                                                       ________  ________ 
Cash flows from operating activities
  Net income                                           $ 44,869  $ 62,32970,817  $103,666 
  Adjustments to reconcile net income to net cash
  provided by operating activities
    Depreciation and amortization of property
    and equipment                                        7,575    11,10213,133    19,371 
    Minority interests in consolidated subsidiaries      7,728     9,80812,126    15,122 
    Increase in accounts receivable                     (9,424)  (10,182)(12,262)  (14,649)
    Increase in accounts payable and accrued liabilities 19,396    10,51438,601    34,888 
    Other changes in assets and liabilities               (1,526)      669     
                                                       _________3,375    (2,333)     
                                                       ________  ________ 
  Net cash provided by operating activities             68,618    84,240125,790   156,065 
                                                       ________  ________ 

Cash flows from investing activities
  Investments in sponsored mutual funds                  (4,520)  (10,026)(8,948)  (10,453)
  Proceeds from dispositions of sponsored mutual funds    2,626        -- 
  Partnership and other investments                      (2,808)   (3,432)(8,940)   (1,789)     
  Distributions from partnership investments              1,141     5,6961,666     6,348 
  Additions to property and equipment                   (20,770)  (29,827)(37,370)  (53,070)
                                                       ________  ________ 
  Net cash used in investing activities                 (26,957)  (37,589)(50,966)  (58,964)
                                                       ________  ________ 

Cash flows from financing activities
  Purchases of stock                                    (17,774)(19,668)   (9,655)
  Receipts relating to stock issuances                    1,703     5,1173,003     8,645 
  Dividends paid to stockholders                        (12,031)  (15,008)(18,043)  (22,545)
  Distributions to minority interests                       (45)   (7,370)
                                                       ________  ________ 
  Net cash used in financing activities                 (28,147)  (26,916)(34,753)  (30,925)
                                                       ________  ________ 

Cash and cash equivalents
  Net increase during period                             13,514    19,73540,071    66,176 
  At beginning of year                                   81,431   114,551 
                                                       ________  ________ 
  At end of period                                     $ 94,945  $134,286$121,502  $180,727 
                                                       ________  ________ 
                                                       ________  ________ 










See the accompanying notes to the condensed consolidated financial
statements.

 5
                         T. ROWE PRICE ASSOCIATES, INC.
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Associates, Inc. and its consolidated subsidiaries (the
Company) derives its revenue primarily from investment advisory and
administrative services provided to sponsored mutual funds and investment
productsportfolios and to private accounts of other institutional and individual
investors.  Company revenues are largely dependent on the total value and
composition of assets under management, which include domestic and
international equity and debt securities; accordingly, fluctuations in
financial markets and in the composition of assets under management impact
revenues and results of operations.  At JuneSeptember 30, 1997, the Company's
assets under management totaled $116.9$124.7 billion, including $75.3$81.7 billion in
the Price funds.

The unaudited condensed consolidated financial statements reflect all
adjustments which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented.  All such
adjustments are of a normal recurring nature.

The unaudited interim financial information contained in the condensed
consolidated financial statements should be read in conjunction with the
consolidated financial statements contained in the 1996 Annual Report to
Stockholders.


























 6
NOTE 2 - STOCKHOLDERS' EQUITY.

The following table details the changes in stockholders' equity (dollars in
thousands) during the first sixnine months of 1997.

                                      Capital             Unreal-
                             Common        in                ized     Total 
                    Common    stock    excess            security    stock- 
                     stock    - par    of par  Retained   holding  holders' 
                  - shares    value     value  earnings     gains    equity 
                __________  _______   _______  ________  ________  ________ 

Balance at
 December 31,
 1996           57,572,791  $11,514   $ 7,823  $306,566   $19,763  $345,666 
Common stock
 issued under
 stock-based
 compensation
 plans           636,063      128     8,711                         8,8391,024,121      205    17,038                        17,243 
Purchases of
 common stock     (230,000)     (46)   (6,612)   (2,997)             (9,655)
Net income                                      62,329              62,329103,666             103,666 
Dividends
 declared                                       (15,061)            (15,061)(22,647)            (22,647)
Increase in
 unrealized
 security
 holding gains                                             8,232     8,23214,100    14,100 
                __________  _______   _______  ________   _______  ________ 
Balance at
 JuneSeptember 30,
 1997           57,978,854  $11,596   $ 9,922  $350,837   $27,995  $400,35058,366,912  $11,673   $18,249  $384,588   $33,863  $448,373 
                __________  _______   _______  ________   _______  ________ 
                __________  _______   _______  ________   _______  ________ 




















 7
                       REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholders of
T. Rowe Price Associates, Inc.

We have reviewed the condensed consolidated balance sheet of T. Rowe Price
Associates, Inc. and its subsidiaries as of JuneSeptember 30, 1997, and the
related condensed consolidated statements of income and of cash flows for the
three- and six-monthnine-month periods ended JuneSeptember 30, 1996 and 1997.  These
financial statements are the responsibility of the company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters.  It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the condensed consolidated financial statements referred to
above for them to be in conformity with generally accepted accounting
principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1996, and the
related consolidated statements of income, of cash flows, and of stockholders'stock-
holders' equity for the year then ended (not presented herein), and in our
report dated January 24, 1997 we expressed an unqualified opinion on those
consolidated financial statements.  In our opinion, the information set forth
in the accompanying condensed consolidated balance sheet as of December 31,
1996, is fairly stated, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.




/s/ PRICE WATERHOUSE LLP

Baltimore, Maryland
July 23,October 17, 1997


THE ABOVE REPORT IS NOT A "REPORT" WITHIN THE MEANING OF SECTIONS 7 AND 11 OF
THE SECURITIES ACT OF 1933 AND THE INDEPENDENT ACCOUNTANTS' LIABILITY
PROVISIONS OF SECTION 11 OF THE ACT DO NOT APPLY.



 8
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.

GENERAL.

T. Rowe Price Associates, Inc. (the Company) derives its revenue primarily
from investment advisory and administrative services provided to the Price
Mutual Funds (the Funds), other sponsored investment products,portfolios, and private
accounts of other institutional and individual investors.  Investment
advisory fees are generally based on the net assets of the portfolios
managed.  The majority of administrative revenues are derived from services
provided to the Funds.

The Company's base of assets under management consists of a broad range of
domestic and international stock, bond and money market mutual funds and
other investment productsportfolios which meet the varied needs and objectives of its
individual and institutional investors.  During 1996 and 1997, there have
been significant net cash inflows to the stock mutual funds, particularly the
domestic funds.  At JuneSeptember 30, 1997, total assets under management were
$116.9$124.7 billion, including $75.3$81.7 billion in the Funds.  Equity investments
comprise approximately 70%72% of total assets under management.  

RESULTS OF OPERATIONS - THREE MONTHS ENDED JUNESEPTEMBER 30, 1997 VERSUS 1996.

Net income increased $9.3$15.4 million or 38%59% to $33.8$41.3 million or $.53$.64 per share
from $24.5$25.9 million or $.40$.42 per share.  Total revenues increased 25%33% from
$143.7$150.2 million to a record quarterly total of $180.1$199.8 million, led by an
increase of more than $31.8$39.5 million in investment advisory fees.

Investment advisory revenues from the Funds increased $20.8$31.5 million as
average fund assets under management were up $14.1$21.4 billion to $70.1$79.1 billion. 
Fund assets totaled $75.3$81.7 billion at JuneSeptember 30, 1997, up $5.2$2.6 billion over
the quarterly average and up almost $8.7$6.3 billion from March 31,June 30, 1997, with stock
funds accounting for most of the increase.  Net cash inflows to the Funds
during the secondthird quarter totaled $1.9$2.4 billion.  Advisory fees from private
accounts and other sponsored productsinvestment portfolios contributed the balance of
the investment advisory revenue gains.  These assets under management rose to
$41.6$43.0 billion at September 30, 1997, up $1.5 billion from June 30, 1997 up $5.3 billion from March 31, 1997 and
almost $6.6$8.0 billion from December 31, 1996.  Total assets under management closed
the quarter at $116.9$124.7 billion, up from $102.9$116.9 billion at March 31,June 30, 1997 and
$99.4 billion at December 31, 1996.

Administrative fees, primarily from services to the Funds and their
shareholders, grew $4.7$8.9 million to $34.7$37.5 million; however, increases in
related operating expenses more than offset these revenue gains.  Investment
income declinedrose nearly $.2$1.3 million due primarily to lower earnings recognized from
partnershipthe return on larger cash
investments.

Operating expenses increased 21%24% or almost $20.6$24.6 million to $117.0$125.2 million.  Greater
compensation and related costs of $12.6almost $13.3 million were attributable to
a 22%an 18% increase in the number of employees during the past twelve months,

 9
primarily to support the Company's growing administrative services and data
processing operations, and to higher rates of pay including performance-
related compensation accruals.  Advertising and promotion expenditures
were
slightly lower thanincreased $2.1 million as the prior year's quarter.Company sought to capitalize on the strong
investor demand for stock mutual funds.  These expenditures will vary over
time as market conditions and cash flows to the Funds warrant.  Depreciation,
amortization and operating rentals of property and equipment was up 23%31% or
$2.1$3.3 million due to expansion of facilities and recent equipment
acquisitions, primarily investments in technology assets.  International
investment research fees increased $2.1$3.2 million as international assets under
management by Rowe Price-Fleming International (RPFI) rose to $33.8$33.0 billion
at JuneSeptember 30, 1997.  Administrative and general expenses increased $4.3$2.7
million due mainly to greater costs associated with the Company's growing
administrative operations including data processing and communications
capabilities.

Increased earnings by RPFI on greater assets under management was responsible
for the increase in minority interests in consolidated subsidiaries.

RESULTS OF OPERATIONS - SIXNINE MONTHS ENDED JUNESEPTEMBER 30, 1997 VERSUS 1996.

Net income increased $17.5$32.8 million or 39%46% to $62.3$103.7 million or $.98$1.63 per
share from $44.9$70.8 million or $.73$1.15 per share.  Total revenues increased 26%29%
from $276.1$426.3 million to a record quarterlynine month total of more than $348almost $548 million, led
by an increase of more than $61.1almost $101 million in investment advisory fees.

Investment advisory revenues from the Funds increased more than $42.8almost $74.4 million as
average fund assets under management rose $14.9$17.3 billion to $68.6$72.4 billion. 
Net cash inflows to the Funds during the first sixnine months of 1997 totaled
$5.3$7.7 billion.  Advisory fees from private accounts and other sponsored
productsinvestment portfolios contributed the balance of the investment advisory
revenue gains.

Administrative fees, primarily from services to the Funds and their
shareholders, grew $11.7$20.6 million to $69.8$107.4 million; however, increases in
related operating expenses more than offset these revenue gains.

Investment
income declined $.9 million due to lower earnings recognized from partnership
investments.

Operating expenses increased 21%23% or $40.7$65.3 million to $230.6$355.8 million.  Greater
compensation and related costs were attributable to increases in the number
of employees and to higher rates of pay including performance-related
compensation accruals.  Advertising and promotion expenditures were up 3%7% or
nearly $.8 million versus the first six months of 1996.$2.8 million.  Depreciation, amortization and operating rentals of property
and equipment was up $4.1$7.4 million due to expansion of facilities and recent
equipment acquisitions, primarily investments in technology assets. 
International investment research fees increased $4.0$7.3 million based on the
higher international assets under management by RPFI.  Administrative and
general expenses increased almost $7.1$9.7 million due mainly to greater costs of the
Company's growing administrative operations including data processing and
communications capabilities.

Increased earnings by RPFI on greater assets under management was responsible
 10
for the increase in minority interests in consolidated subsidiaries. 10

FORWARD-LOOKING INFORMATION.

Information or statements provided by or on behalf of the Company from time
to time, including those within this Form 10-Q Quarterly Report, may contain
certain "forward-looking information", including information relating to
anticipated growth in revenues or earnings per share, anticipated changes in
the amount and composition of assets under management, anticipated expense
levels, and expectations regarding financial market conditions.  The Company
cautions readers that any forward-looking information provided by or on
behalf of the Company is not a guarantee of future performance and that
actual results may differ materially from those in forward-looking
information as a result of various factors, including but not limited to
those discussed below.  Further, such forward-looking statements speak only
as of the date on which such statements are made, and the Company undertakes
no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to reflect
the occurrence of unanticipated events.

The Company's future revenues may fluctuate due to factors such as:  the
total value and composition of assets under management and related cash
inflows or outflows in mutual funds and private accounts; fluctuations in the
financial markets resulting in appreciation or depreciation of assets under
management; the relative investment performance of the Company's sponsored
investment productsportfolios and private accounts as compared to competing productsofferings
and market indices; the extent to which performance-based investment advisory
fees are earned from private accounts; the expense ratios of the Company's
sponsored investment products;portfolios; investor sentiment and investor confidence
in mutual funds; the ability of the Company to maintain investment management
fees at current levels; competitive conditions in the mutual funds industry;
the introduction of new mutual funds and investment products;portfolios; the ability
of the Company to contract with the Price Funds for payment for
administrative services offered to the Price Funds and Price Fund
shareholders; the continuation of trends in the retirement plan marketplace
favoring defined contribution plans and participant-directed investments; and
the amount and timing of income from the Company's investment portfolio.

The Company's future operating results are also dependent upon the level of
operating expenses, which are subject to fluctuation for the following or
other reasons:  changes in the level of advertising expenses in response to
market conditions or other factors; variations in the level of compensation
expense incurred by the Company, including performance-based compensation
based on the Company's financial results, as well as changes in response to
the size of the total employee population, competitive factors, or other
reasons; changes in the manner in which the Company provides international
investment services; expenses and capital costs, including depreciation,
amortization and other non-cash charges, incurred by the Company to maintain
its administrative and service infrastructure;  and unanticipated costs that
may be incurred by the Company from time to time to protect investor accounts
and client goodwill.

 11
The Company's revenues are substantially dependent on revenues from the Price 11
Funds, which could be adversely affected if the independent directors of one
or more of the Price Funds determined to terminate or renegotiate the terms
of one or more investment management agreements.

The Company's business is also subject to substantial governmental
regulation, and changes in legal, regulatory, accounting, tax, and compliance
requirements may have a substantial effect on the Company's business and
results of operations, including but not limited to effects on the level of
costs incurred by the Company and effects on investor interest in mutual
funds in general or in particular classes of mutual funds.


PART II.  OTHER INFORMATION.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)  The following exhibits required to be filed by Item 601 of Regulation S-K
     are filed herewith and incorporated by reference herein:

   3 (ii) -  Amended and Restated By-Laws of T. Rowe Price Associates, Inc.
             as of April 17, 1997.

   15     -  Letter from Price Waterhouse LLP, independent accountants, re
             unaudited interim financial information.

   27     -  Financial Data Schedule. 

All other items are omitted because they are not applicable or the answers
are none.


SIGNATURES.

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on July 24,October 20, 1997.

T. Rowe Price Associates, Inc.



/s/ Alvin M. Younger, Jr.,  Chief Financial & Accounting Officer