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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
[ARTICLE] 6
[CIK] 0000731890
[NAME] T. ROWE PRICE SHORT-TERM BOND FUND, INC.
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] MAY-31-1995
[PERIOD-END] MAY-31-1995
[INVESTMENTS-AT-COST] 480498
[INVESTMENTS-AT-VALUE] 483455
[RECEIVABLES] 13993
[ASSETS-OTHER] 293
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 497741
[PAYABLE-FOR-SECURITIES] 2547
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1468
[TOTAL-LIABILITIES] 4015
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 537720
[SHARES-COMMON-STOCK] 104521
[SHARES-COMMON-PRIOR] 124222
[ACCUMULATED-NII-CURRENT] 311
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 45262
[ACCUM-APPREC-OR-DEPREC] 2957
[NET-ASSETS] 493726
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 35441
[OTHER-INCOME] 0
[EXPENSES-NET] 4094
[NET-INVESTMENT-INCOME] 31347
[REALIZED-GAINS-CURRENT] (28960)
[APPREC-INCREASE-CURRENT] 15247
[NET-CHANGE-FROM-OPS] 17634
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 31157
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 54123
[NUMBER-OF-SHARES-REDEEMED] 79508
[SHARES-REINVESTED] 5684
[NET-CHANGE-IN-ASSETS] (108198)
[ACCUMULATED-NII-PRIOR] 121
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 16471
[GROSS-ADVISORY-FEES] 2280
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 4094
[AVERAGE-NET-ASSETS] 514914
[PER-SHARE-NAV-BEGIN] 4.85
[PER-SHARE-NII] .29
[PER-SHARE-GAIN-APPREC] (.13)
[PER-SHARE-DIVIDEND] .29
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 4.72
[EXPENSE-RATIO] .79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
