PRICE T ROWE BALANCED FUND INC
NSAR-A, 1999-08-25
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<PAGE>      PAGE  1
000 A000000 06/30/99
000 C000000 0000871839
000 D000000 N
000 E000000 NF
000 F000000 Y
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001 A000000 T. ROWE PRICE BALANCED FUND, INC.
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002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
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020 A000002 INSTINET (INCL. CROSS. NETWORK)
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020 A000003 HOWARD WEIL LABOUISSE
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020 A000004 LIPPER ANALYTICAL SECURITIES
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020 C000004      7
020 A000005 JANNEY MONTGOMERY & SCOTT
020 B000005 23-0731260
020 C000005      7
020 A000006 FREIMARK BLAIR & CO
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020 A000007 FOXX PITT KELTON
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<PAGE>      PAGE  2
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SIGNATURE   JAMES S. RIEPE
TITLE       VICE PRESIDENT


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

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000871839
<NAME> T. ROWE PRICE BALANCED FUND

<S>                             <C>
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<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
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<RECEIVABLES>                                   300780
<ASSETS-OTHER>                                     221
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 2306119
<PAYABLE-FOR-SECURITIES>                          1033
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       261295
<TOTAL-LIABILITIES>                             262328
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                           105642
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<ACCUMULATED-NII-CURRENT>                          331
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<ACCUMULATED-NET-GAINS>                          14493
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<NET-CHANGE-FROM-OPS>                           103986
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (26721)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          29819
<NUMBER-OF-SHARES-REDEEMED>                    (14289)
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<ACCUMULATED-GAINS-PRIOR>                            0
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<PER-SHARE-NII>                                    .27
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<PER-SHARE-DIVIDEND>                             (.27)
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<EXPENSE-RATIO>                                    .78
[AVG-DEBT-OUTSTANDING]                               0
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