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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Ouxte1V+kmckn7BYuX5c5OdbN2Nm7uo93W6DfIfidqmTYcJWsYnJ7v3M4m2VKqMs
 wpxGbd4IR7QJePX6eeaveQ==

<SEC-DOCUMENT>0001181431-04-000793.txt : 20040105
<SEC-HEADER>0001181431-04-000793.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105163441
ACCESSION NUMBER:		0001181431-04-000793
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOWEN HOWARD B
		CENTRAL INDEX KEY:			0001242476

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05127
		FILM NUMBER:		04505527

	BUSINESS ADDRESS:	
		STREET 1:		C/O F&M BANCORP
		STREET 2:		P O BOX 518
		CITY:			FREDERICK
		STATE:			MD
		ZIP:			21705
		BUSINESS PHONE:		3016944021

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERCANTILE BANKSHARES CORP
		CENTRAL INDEX KEY:			0000064908
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				520898572
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2 HOPKINS PLZ
		STREET 2:		PO BOX 1477
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21203
		BUSINESS PHONE:		4102375900

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1477
		STREET 2:		P O BOX 1477
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21203
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd27773.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-31</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000064908</issuerCik>
        <issuerName>MERCANTILE BANKSHARES CORP</issuerName>
        <issuerTradingSymbol>(MRBK)</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242476</rptOwnerCik>
            <rptOwnerName>BOWEN HOWARD B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9651 OLD NATIONAL PIKE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HAGERSTOWN</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21740</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Phantom Stock Units</value></securityTitle><conversionOrExercisePrice><footnoteId id="F2"/></conversionOrExercisePrice><transactionDate><value>2003-12-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>179.4438</value></transactionShares><transactionPricePerShare><value>45.58</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1988-08-08</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F1"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>
Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>0</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>216.9438</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Acquired pursuant to the Issuer's Unfunded Deferred Compensation Plan for Directors, and will be settled 100% in cash when the Reporting Person ceases to be s Director or at a later date to be determined by the Reporting Person.</footnote><footnote id="F2">1 for 1</footnote></footnotes><ownerSignature><signatureName>Dennis W. Kreiner under P/A for Howard B. Bowen</signatureName><signatureDate>2004-01-05</signatureDate></ownerSignature></ownershipDocument>



</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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