<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 318478
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 DREYFUS APPRECIATION FUND, INC.
001 B000000 811-3081
001 C000000 2129226785
002 A000000 200 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10166
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 MELLON BANK, N.A.
015 B000001 C
015 C010001 PITTSBURGH
015 C020001 PA
015 C030001 15258
015 E010001 X
018 000000 N
019 A000000 Y
019 B000000 161
019 C000000 DREYFUSFAM
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
020 C000001 14
020 A000002 DUNLEVY & CO., INC.
020 B000002 13-2919975
020 C000002 13
020 A000003 PAINEWEBBER INCORPORATED
020 B000003 13-2638166
020 C000003 7
020 A000004 SANFORD C. BERNSTEIN & CO., INC.
020 B000004 13-2625874
020 C000004 6
020 A000005 NUTMEG SECURITIES
020 B000005 06-1186517
020 C000005 5
020 A000006 THE BUCKINGHAM RESEARCH GROUP INCORPORATED
020 B000006 13-3134008
020 C000006 5
020 A000007 PIPER JAFFRAY INC.
<PAGE> PAGE 2
020 B000007 41-0953246
020 C000007 5
020 A000008 SMITH BARNEY INC.
020 B000008 13-1912900
020 C000008 4
020 A000009 ROBB, PECK, MCCOOEY CLEARING CORPORATION
020 B000009 13-2678138
020 C000009 4
020 A000010 FURMAN SELZ INCORPORATED
020 B000010 13-2753731
020 C000010 4
021 000000 103
022 A000001 G.X. CLARKE & CO.
022 B000001 13-2969143
022 C000001 128929
022 D000001 123056
022 A000002 S.G. WARBURG & CO. INC.
022 B000002 13-3340045
022 C000002 7416
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 1890
022 D000003 0
022 A000004 MORGAN STANLEY & CO. INCORPORATED
022 B000004 13-2655998
022 C000004 1471
022 D000004 0
022 A000005 ROBERTSON, STEPHENS & COMPANY, L.P.
022 B000005 94-2524501
022 C000005 1142
022 D000005 0
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006 711
022 D000006 0
022 A000007 HERZOG, HEINE, GEDULD, INC.
022 B000007 13-1955436
022 C000007 586
022 D000007 0
022 A000008 WEEDEN & CO. L.P.
022 B000008 13-3364318
022 C000008 548
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 142691
023 D000000 123056
024 000000 N
<PAGE> PAGE 3
028 A010000 46969
028 A020000 0
028 A030000 0
028 A040000 25076
028 B010000 56055
028 B020000 0
028 B030000 0
028 B040000 26565
028 C010000 61613
028 C020000 0
028 C030000 0
028 C040000 54137
028 D010000 48934
028 D020000 0
028 D030000 0
028 D040000 33094
028 E010000 33598
028 E020000 0
028 E030000 0
028 E040000 30947
028 F010000 31095
028 F020000 0
028 F030000 0
028 F040000 20408
028 G010000 278264
028 G020000 0
028 G030000 0
028 G040000 190227
028 H000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
<PAGE> PAGE 4
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
071 A000000 109226
071 B000000 13386
071 C000000 520327
071 D000000 3
072 A000000 6
072 B000000 567
072 C000000 5754
072 D000000 0
072 E000000 0
072 F000000 1487
072 G000000 0
072 H000000 0
072 I000000 747
072 J000000 28
072 K000000 0
072 L000000 16
072 M000000 15
072 N000000 44
072 O000000 1
072 P000000 0
072 Q000000 0
072 R000000 26
072 S000000 4
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 3
072 X000000 2371
072 Y000000 0
072 Z000000 3950
072AA000000 2141
072BB000000 588
072CC010000 53833
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
<PAGE> PAGE 5
074 A000000 0
074 B000000 0
074 C000000 24484
074 D000000 0
074 E000000 4025
074 F000000 579354
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 918
074 M000000 75
074 N000000 608856
074 O000000 3086
074 P000000 348
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 783
074 S000000 0
074 T000000 604639
074 U010000 26314
074 U020000 0
074 V010000 22.98
074 V020000 0.00
074 W000000 0.0000
074 X000000 26455
074 Y000000 0
075 A000000 0
075 B000000 543506
076 000000 0.00
077 A000000 N
SIGNATURE MARIE E. CONNOLLY
TITLE PRESIDENT/TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000318478
<NAME> DREYFUS APPRECIATION FUND, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 430924
<INVESTMENTS-AT-VALUE> 607863
<RECEIVABLES> 918
<ASSETS-OTHER> 75
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 608856
<PAYABLE-FOR-SECURITIES> 3086
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1131
<TOTAL-LIABILITIES> 4217
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 425599
<SHARES-COMMON-STOCK> 26314
<SHARES-COMMON-PRIOR> 22257
<ACCUMULATED-NII-CURRENT> 3950
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1849)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 176939
<NET-ASSETS> 604639
<DIVIDEND-INCOME> 5754
<INTEREST-INCOME> 567
<OTHER-INCOME> 0
<EXPENSES-NET> 2371
<NET-INVESTMENT-INCOME> 3950
<REALIZED-GAINS-CURRENT> 1553
<APPREC-INCREASE-CURRENT> 53833
<NET-CHANGE-FROM-OPS> 59336
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12790
<NUMBER-OF-SHARES-REDEEMED> (8733)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 147372
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3402)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1487
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2371
<AVERAGE-NET-ASSETS> 543506
<PER-SHARE-NAV-BEGIN> 20.55
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.98
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
