Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SCHEVE TIMOTHY C
   2. Issuer Name and Ticker or Trading Symbol
LEGG MASON INC [LM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Sr.Executive Vice President
(Last)
(First)
(Middle)
LEGG MASON INC, 100 LIGHT ST		 3. Date of Earliest Transaction (Month/Day/Year)
09/24/2004
(Street)

BALTIMORE, MD 21202		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               137,371 (1) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to buy) (2) $ 20.49 (3)             07/23/1998 07/22/2006 Common Stock 27,000 (3)   27,000 (3) D  
Stock Options (Right to buy) (2) $ 23.87 (3)             07/27/1999 07/22/2007 Common Stock 30,000 (3)   30,000 (3) D  
Stock Options (Right to buy) (2) $ 35.27 (3)             07/25/2000 07/22/2008 Common Stock 27,000 (3)   27,000 (3) D  
Stock Options (Right to buy) (2) $ 32.69 (3)             07/24/2001 07/22/2009 Common Stock 30,000 (3)   30,000 (3) D  
Stock Options (Right to buy) (2) $ 26.31 (3)             07/23/2002 07/22/2010 Common Stock 21,000 (3)   21,000 (3) D  
Stock Options (Right to buy) (2) $ 46.39 (3)             07/22/2003 07/22/2011 Common Stock 12,000 (3)   12,000 (3) D  
Stock Options (Right to buy) (2) $ 52.07 (3)             07/20/2004 07/22/2012 Common Stock 10,001 (3)   10,001 (3) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SCHEVE TIMOTHY C
LEGG MASON INC
100 LIGHT ST
BALTIMORE, MD 21202		       Sr.Executive Vice President  

Signatures

 Thomas C. Merchant, Attorney-in-fact for Timothy C. Scheve   10/13/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On September 24, 2004, the common stock of Legg Mason, Inc. split 3-for-2, resulting in the reporting person's acquisition of 45,790 additional shares.
(2) Employee stock option cumulatively exercisable annually in 20% increments commencing on the exercisable date indicated.
(3) The number of underlying shares and exercise price have been adjusted to give effect to a 3-for-2 stock split on September 24, 2004.

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