PRICE T ROWE BALANCED FUND INC
NSAR-A, 1997-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/97
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<PAGE>      PAGE  2
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<PAGE>      PAGE  7
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SIGNATURE   JAMES S. RIEPE                               
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

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<CIK> 0000871839
<NAME> TRP BALANCED FUND, INC.
<MULTIPLIER> 1000
       
<S>                             <C>
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<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                           865958
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<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                              12491
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        862893
<SHARES-COMMON-STOCK>                            70959
<SHARES-COMMON-PRIOR>                            60507
<ACCUMULATED-NII-CURRENT>                          407
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           5034
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<OTHER-INCOME>                                       0
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<NET-INVESTMENT-INCOME>                          17954
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<NET-CHANGE-FROM-OPS>                           109922
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</TABLE>


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