PRICE T ROWE CAPITAL APPRECIATION FUND
NSAR-A, 1999-08-26
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<PAGE>      PAGE  1
000 A000000 06/30/99
000 C000000 793347
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 CAPITAL APPRECIATION FUND
001 B000000 811-4519
001 C000000 4103452000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003  000000 N
004  000000 N
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008 A000001 T. ROWE PRICE ASSOCIATES, INC.
008 B000001 A
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008 D010001 BALTIMORE
008 D020001 MD
008 D030001 21202
011 A000001 T. ROWE PRICE INVESTMENT SERVICES, INC.
011 B000001 8-25130
011 C010001 BALTIMORE
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012 A000001 T. ROWE PRICE SERVICES, INC.
012 B000001 84-1079
012 C010001 BALTIMORE
012 C020001 MD
012 C030001 21202
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BALTIMORE
013 B020001 MD
<PAGE>      PAGE  2
013 B030001 21202
014 A000001 T. ROWE PRICE INVESTMENT SERVICES, INC.
014 B000001 8-25130
015 A000001 STATE STREET  BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
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015 E010001 X
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019 A000000 Y
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019 C000000 TROWEPRICE
020 A000001 SALOMON SMITH BARNEY
020 B000001 11-2418191
020 C000001     33
020 A000002 CIBC WORLD MARKETS CORP
020 B000002 13-2798343
020 C000002     30
020 A000003 STANDARD & POOR'S
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<PAGE>      PAGE  3
022 D000002     14654
022 A000003 C.S. FIRST BOSTON
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022 A000004 MERRILL LYNCH
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<PAGE>      PAGE  4
026 G020000 N
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
SIGNATURE   JAMES S. RIEPE
TITLE       VICE PRESIDENT


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000793347
<NAME> T.ROWE PRICE CAPITAL APPRECIATION FUND

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                           852594
<INVESTMENTS-AT-VALUE>                          958476
<RECEIVABLES>                                     9504
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  967980
<PAYABLE-FOR-SECURITIES>                          5745
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         2008
<TOTAL-LIABILITIES>                               7753
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        785644
<SHARES-COMMON-STOCK>                            66752
<SHARES-COMMON-PRIOR>                            75902
<ACCUMULATED-NII-CURRENT>                        14096
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          54612
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        105875
<NET-ASSETS>                                    960227
<DIVIDEND-INCOME>                                 7215
<INTEREST-INCOME>                                11444
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    4262
<NET-INVESTMENT-INCOME>                          14397
<REALIZED-GAINS-CURRENT>                         40199
<APPREC-INCREASE-CURRENT>                        24108
<NET-CHANGE-FROM-OPS>                            78704
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           5200
<NUMBER-OF-SHARES-REDEEMED>                    (14350)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         (43471)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        14413
<OVERDISTRIB-NII-PRIOR>                            301
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             2930
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   4265
<AVERAGE-NET-ASSETS>                            952185
<PER-SHARE-NAV-BEGIN>                            13.22
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                           0.94
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.38
<EXPENSE-RATIO>                                    0.9
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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