<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 216907
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE NEW ERA FUND, INC.
001 B000000 811-1710
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 T. ROWE PRICE ASSOCIATES, INC.
008 B000001 A
008 C000001 801-856
008 D010001 BALTIMORE
008 D020001 MD
008 D030001 21202
018 000000 Y
019 A000000 Y
019 B000000 86
019 C000000 TROWEPRICE
020 A000001 WERE (JB) AND SONS
020 B000001 13-3077027
020 C000001 101
020 A000002 HOWARD WEIL LABAUISSE
020 B000002 72-0696314
020 C000002 59
020 A000003 PAINE WEBBER
020 B000003 13-2638166
020 C000003 40
020 A000004 LIPPER ANALYTICAL SECURITIES
020 B000004 13-2782478
020 C000004 40
020 A000005 DRESDNER KLEINWORT BENSEN
020 B000005 13-3894311
020 C000005 34
020 A000006 MORGAN STANLEY
020 B000006 13-2655998
020 C000006 31
020 A000007 JP MORGAN
<PAGE> PAGE 2
020 B000007 13-3224016
020 C000007 25
020 A000008 MERRILL LYNCH
020 B000008 13-5674085
020 C000008 24
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 22
020 A000010 NESBITT BURNS SECURITIES
020 B000010 13-2620737
020 C000010 21
021 000000 826
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 0
022 D000001 5104
022 A000002 NESBITT BURNS SECURITIES
022 B000002 13-2620737
022 C000002 3741
022 D000002 0
022 A000003 NATIONSBANC MONTGOMERY SECURITIES
022 B000003 56-1684171
022 C000003 0
022 D000003 3625
022 A000004 DEUTSCHE MORGAN GRENFELL
022 B000004 13-2730828
022 C000004 0
022 D000004 2475
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 559
022 D000005 1857
022 A000006 SMITH BARNEY SHEARSON
022 B000006 13-1912900
022 C000006 703
022 D000006 1034
022 A000007 SCOTIA CAPITAL MARKETS
022 B000007 13-5239583
022 C000007 703
022 D000007 0
022 A000008 FIRST MARATHON SECURITIES
022 B000008 FOREIGN
022 C000008 329
022 D000008 0
022 A000009 PAINE WEBBER GROUP
022 B000009 13-2638166
022 C000009 0
022 D000009 279
022 A000010 CANTOR FITZGERALD AND CO
022 B000010 13-3680184
022 C000010 0
<PAGE> PAGE 3
022 D000010 9
023 C000000 6034
023 D000000 14384
028 A010000 9833
028 A020000 0
028 A030000 0
028 A040000 78622
028 B010000 7827
028 B020000 0
028 B030000 0
028 B040000 66786
028 C010000 15651
028 C020000 0
028 C030000 0
028 C040000 38396
028 D010000 14592
028 D020000 0
028 D030000 0
028 D040000 39174
028 E010000 23033
028 E020000 0
028 E030000 0
028 E040000 25374
028 F010000 13805
028 F020000 0
028 F030000 0
028 F040000 22177
028 G010000 84741
028 G020000 0
028 G030000 0
028 G040000 270529
028 H000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
<PAGE> PAGE 4
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 171759
071 B000000 349895
071 C000000 1340744
071 D000000 13
072 A000000 6
072 B000000 2080
072 C000000 11677
072 D000000 0
072 E000000 0
072 F000000 3992
072 G000000 0
072 H000000 0
072 I000000 1000
072 J000000 40
072 K000000 25
072 L000000 39
<PAGE> PAGE 5
072 M000000 5
072 N000000 22
072 O000000 0
072 P000000 0
072 Q000000 39
072 R000000 6
072 S000000 1
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 21
072 X000000 5190
072 Y000000 0
072 Z000000 8567
072AA000000 121963
072BB000000 0
072CC010000 0
072CC020000 93863
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 63667
074 D000000 2078
074 E000000 1426
074 F000000 1275282
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 3754
074 M000000 0
074 N000000 1346207
074 O000000 0
074 P000000 237
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2429
074 S000000 0
074 T000000 1343541
074 U010000 50349
074 U020000 0
074 V010000 26.68
<PAGE> PAGE 6
074 V020000 0.00
074 W000000 0.0000
074 X000000 42989
074 Y000000 0
075 A000000 0
075 B000000 1406229
076 000000 0.00
077 A000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 N/A
080 C000000 60000
081 A000000 Y
081 B000000 125
082 A000000 N
082 B000000 0
SIGNATURE HENRY H. HOPKINS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000216907
<NAME> TRP NEW ERA FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 981381
<INVESTMENTS-AT-VALUE> 1342453
<RECEIVABLES> 3754
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1346207
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2666
<TOTAL-LIABILITIES> 2666
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 815515
<SHARES-COMMON-STOCK> 50349
<SHARES-COMMON-PRIOR> 57511
<ACCUMULATED-NII-CURRENT> 10368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 156587
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 361071
<NET-ASSETS> 1343541
<DIVIDEND-INCOME> 11677
<INTEREST-INCOME> 2080
<OTHER-INCOME> 0
<EXPENSES-NET> 5190
<NET-INVESTMENT-INCOME> 8567
<REALIZED-GAINS-CURRENT> 121963
<APPREC-INCREASE-CURRENT> (93863)
<NET-CHANGE-FROM-OPS> 36667
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3127
<NUMBER-OF-SHARES-REDEEMED> (10289)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (149121)
<ACCUMULATED-NII-PRIOR> 1806
<ACCUMULATED-GAINS-PRIOR> 34624
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3992
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5190
<AVERAGE-NET-ASSETS> 1406229
<PER-SHARE-NAV-BEGIN> 25.95
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.68
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>