T. Rowe Price

Chapter SixBIRTH OF T. ROWE PRICE AND ASSOCIATES, 1937

From here on in this narrative, Rowe will be called “Mr. Price.” After he started his own firm, T. Rowe Price and Associates, he was called Mr. Price by all but his close old friends. It's how those of us in the younger generation addressed him.

Announcement of the formation of T. Rowe Price, Inc.

After resigning from Mackubin, Legg & Co., and consulting a number of executives both on and off Wall Street, Mr. Price decided to start his own business from scratch rather than work for a more established firm. He believed that his investment philosophy would produce superior results and that working for someone else would only be frustrating in the end. Most importantly, he felt that only by doing the things that he personally believed in could he be happy. He was strongly supported in this by Eleanor. He began to look for an office for his new firm. There was no lack of opportunities in 1937. He ended his search by leasing half of the twenty‐ninth floor in the Baltimore Trust Company Building at 10 Light Street, only a block from his old office. The building had been finished in December 1929, a little over a month after the crash. The Baltimore Trust Company was the largest banking institution south of Philadelphia, and the building was designed to match its reputation. At thirty‐four stories, it was the tallest building in ...