DREYFUS LEVERAGE FUND INC /NY/
485B24E, 1995-02-01
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                                                                Page 1 of 8

                   File Nos. 2-30806 and 811-2488




                   SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                                FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933             [ X ]

                        Pre-Effective Amendment No.                 [   ]
   
                     Post-Effective Amendment No. 57                [ X ]
    
                                  and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940     [ X ]
   
                           Amendment No. 57                         [ X ]
    
                  (Check appropriate box or boxes)

            DREYFUS CAPITAL GROWTH FUND (A PREMIER FUND)
         (Incorporated as The Dreyfus Leverage Fund, Inc.)
         (Exact Name of Registrant as Specified in Charter)

c/o The Dreyfus Corporation
200 Park Avenue, New York, New York  10166
(Address of Principal Executive Offices)  (Zip Code)

Registrant's Telephone Number, including Area Code:  (212) 922-6020

                          Daniel C. Maclean, Esq.
                              200 Park Avenue
                         New York, New York  10166
                 (Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate box)

_____ immediately upon filing pursuant to paragraph (b)
   
__X__ on  February 2, 1995  pursuant to paragraph (b)
    
_____ 60 days after filing pursuant to paragraph (a) (i)

_____ on (date) pursuant to paragraph (a) (i)

_____ 75 days after filing pursuant to paragraph (a) (ii)

_____ on (date) pursuant to paragraph (a) (ii) of Rule 485
   
Registrant has registered an indefinite number of shares of its Common Stock
under the Securities Act of 1933 pursuant to Sec. 24(f) of the Investment
Company Act of 1940.  Registrant's Rule 24f-2 Notice for the fiscal year ended
September 30, 1994 was filed November 22, 1994.
    
                                                                     Page  2

                REGISTRATION STATEMENT NOS. 2-30806 AND 811-2488

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

For Registration under the Securities Act of 1933 of Securities of Open-End
Management Investment Companies registered on Form N-1A.

A.     Exact name of Company specified in Charter:

       DREYFUS CAPITAL GROWTH FUND (A PREMIER FUND)
       (Incorporated as The Dreyfus Leverage Fund, Inc.)

B.     Complete address of Company's principal executive offices:

       c/o The Dreyfus Corporation, 200 Park Avenue, New York, NY  10166

C.     Name and complete address of agent for service:

       Daniel C. Maclean, Esq., The Dreyfus Corporation
       200 Park Avenue, New York, NY  10166

D.     Title and amount of Securities being registered (number of shares or
       other units):
   
         597,337 Shares                                  (See Note Below)
    
E.     Proposed aggregate offering price to the public of the securities being
       registered:
   
       $290,010                        (Determined on the basis of the closing
                                       price on January 12, 1995 i.e. $15.06
                                       per share (See Note Below))
    
F.     Amount of filing fee, computed at one twenty-ninth of one percent of
       the proposed maximum aggregate offering price to the public:
   
       $100                            (See Note Below)
    
G.     Appropriate date of proposed public offering:

       As soon as practicable after the effective date of this
       Registration Statement, and thereafter from day to day

NOTE:  Shares to be registered pursuant to Rule 24e-2
   
                                                                   Aggregate
                                                                Offering Price

       Total Shares Registered:            597,337 X $15.06 =     $8,995,895

       Less Adjustment for Shares
       Redeemed in excess of Shares
       Sold during Fiscal Year
       ended September 30, 1994:           578,080 X $15.06 =     $8,705,885
                                            19,257 X $15.06 =     $  290,010


       Fee at 1/29 of 1%                                          $      100
    
                                                                      Page 3





                       CONSENT OF STROOCK & STROOCK & LAVAN




    The Consent of Stroock & Stroock & Lavan, counsel to the Registrant, has
been included in their Opinion filed as Exhibit 10 to this Amendment to the
Registration Statement.

                                                                      Page 4
                               SIGNATURES
   
    Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all the
requirements for effectiveness of this Amendment to the Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, and State of
New York, on the 1st day of February, 1995.
    
                             DREYFUS CAPITAL GROWTH FUND (A PREMIER FUND)
                            (Incorporated as The Dreyfus Leverage Fund, Inc.)

                            BY:   /s/ Marie E. Connolly*
                                MARIE E. CONNOLLY, PRESIDENT

    Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, this Amendment to the Registration Statement
has been signed below by the following persons in the capacities and on the
date indicated.

        SIGNATURE                  TITLE


/s/ Marie E. Connolly*         President and Treasurer
Marie E. Connolly               (Principal Executive
                                 and Financial Officer)

/s/ John M. Fraser, Jr.*       Director
John M. Fraser, Jr.

/s/ Robert R. Glauber*         Director
Robert R. Glauber

/s/ James F. Henry*            Director
James F. Henry

/s/ Rosalind Gersten Jacobs*   Director
Rosalind Gersten Jacobs

/s/ Irving Kristol*            Director
Irving Kristol

/s/ Paul A. Marks*             Director
Paul A. Marks

/s/ Martin Peretz*             Director
Martin Peretz

/s/ Bert W. Wasserman*         Director
Bert W. Wasserman


   
*BY: ______________________________________
     Frederick C. Dey, Attorney-in-Fact
    
                                                                      Page 5



                               POWER OF ATTORNEY


   
     The undersigned hereby constitutes and appoints Frederick C. Dey, Eric
B. Fischman, Ruth D. Leibert and John E. Pelletier and each of them, with full
power to act without the other, his true and lawful attorney-in-fact and
agent, with full power of substitution or resubstitution, for him and in his
name, place and stead, in any and all capacities (until revoked in writing)
to sign any and all amendments to the Registration Statement for each Fund
listed on Schedule A attached hereto (including post-effective amendments and
amendments thereto), and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
ratifying and confirming all that said attorneys-in-fact or agents or any of
them, or their or his or her substitute or substitutes, may lawfully do or
cause to be done by virtue hereof.


    
   



/s/ David P. Feldman
David P. Feldman, Director/Trustee



    
   







Dated:  January 30, 1995
    
                                                                     Page 6


   
                                SCHEDULE A



             Dreyfus A Bonds Plus, Inc.
             Dreyfus Balanced Fund, Inc.
             Dreyfus Capital Growth Fund (A Premier Fund)
             Dreyfus Global Bond Fund, Inc.
             Dreyfus Growth and Income Fund, Inc.
             Dreyfus Growth Opportunity Fund, Inc.
             Dreyfus Institutional Money Market Fund
             Dreyfus International Equity Fund, Inc.
             Dreyfus International Recovery Fund, Inc.
             Dreyfus Money Market Instruments, Inc.
             Dreyfus Variable Investment Fund
    


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000030156
<NAME> THE DREYFUS LEVERAGE FUND, INC.
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-END>                               SEP-30-1994
<INVESTMENTS-AT-COST>                           545691
<INVESTMENTS-AT-VALUE>                          572618
<RECEIVABLES>                                     3577
<ASSETS-OTHER>                                     383
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  576578
<PAYABLE-FOR-SECURITIES>                          5274
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          944
<TOTAL-LIABILITIES>                               6218
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        513938
<SHARES-COMMON-STOCK>                            37161
<SHARES-COMMON-PRIOR>                            32177
<ACCUMULATED-NII-CURRENT>                       (3739)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          33148
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         27013
<NET-ASSETS>                                    570360
<DIVIDEND-INCOME>                                 8349
<INTEREST-INCOME>                                11032
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    6742
<NET-INVESTMENT-INCOME>                          12639
<REALIZED-GAINS-CURRENT>                         20592
<APPREC-INCREASE-CURRENT>                      (41886)
<NET-CHANGE-FROM-OPS>                           (8655)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (26080)
<DISTRIBUTIONS-OF-GAINS>                       (72372)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          14069
<NUMBER-OF-SHARES-REDEEMED>                      14647
<SHARES-REINVESTED>                               5561
<NET-CHANGE-IN-ASSETS>                         (26009)
<ACCUMULATED-NII-PRIOR>                           9701
<ACCUMULATED-GAINS-PRIOR>                        84929
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             4509
<INTEREST-EXPENSE>                                 406
<GROSS-EXPENSE>                                   6742
<AVERAGE-NET-ASSETS>                            601040
<PER-SHARE-NAV-BEGIN>                            18.53
<PER-SHARE-NII>                                    .40
<PER-SHARE-GAIN-APPREC>                          (.56)
<PER-SHARE-DIVIDEND>                               .80
<PER-SHARE-DISTRIBUTIONS>                         2.22
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.35
<EXPENSE-RATIO>                                   .010
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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