January 17, 1997
DREYFUS APPRECIATION FUND, INC.
Supplement to Prospectus
Dated, May 1, 1996
The following information supersedes and replaces any contrary information
contained in the sections of the Fund's Prospectus entitled "How to Buy
Shares."
You may be charged a fee if you effect transactions in Fund shares through
certain financial institutions (which may include banks), securities dealers
("Selected Dealers") and other industry professionals, such as investment
advisers, accoun tants and estate planning firms (collectively, "Service
Agents") that have entered into service agreements with the Distributor.
141s010397
