Finance History | T. Rowe Price — Half a Floor at 10 Light Street
· 1937
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Finance History | T. Rowe Price — Half a Floor at 10 Light Street
kevin
People treat T. Rowe Price as a Harbor Point tower that always ran mutual funds.
The first book sat on half of a floor in a Depression skyscraper.
In 1937 Thomas Rowe Price Jr. left Mackubin, Legg and Co. and leased the twenty-ninth floor of the Baltimore Trust Company Building at 10 Light Street.
The building had opened in December 1929, weeks after the crash, as Maryland's tallest office.
Price charged a fee on assets rather than a commission on trades.
He managed accounts as a fiduciary and bought what he called growth stocks instead of the value names that brokers then sold.
The firm was small and the Depression and the war kept it small.
It found its footing only at the end of the 1940s, still in Baltimore.
The company stayed downtown: 100 East Pratt Street from 1975, then Harbor Point at 1307 Point Street from 2024.
The mechanism Price wrote into the 1937 partnership is still the listed company's argument: charge for the book you keep, not for the ticket you sell.
Photo: the Art Deco tower at 10 Light Street from the public street, via Wikimedia Commons.
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