<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000318478
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
018 000000 Y
019 A000000 Y
019 B000000 160
019 C000000 DREYFUSFAM
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
020 C000001 37
020 A000002 PAINEWEBBER INCORPORATED
020 B000002 13-2638166
020 C000002 35
020 A000003 CAPITAL INSTITUTIONAL SERVICES, INC.
020 B000003 75-1565705
020 C000003 33
020 A000004 FURMAN SELZ INCORPORATED
020 B000004 13-2753731
020 C000004 22
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
020 C000005 22
020 A000006 DEUTSCHE BANK SECURITIES CORPORATION
020 B000006 13-2730828
020 C000006 21
020 A000007 BOSTON INSTITUTIONAL SERVICES INC.
020 B000007 04-2479358
020 C000007 20
020 A000008 MORGAN STANLEY DEAN WITTER INCORPORATED
020 B000008 13-2655998
020 C000008 20
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
<PAGE> PAGE 2
020 B000009 13-2741729
020 C000009 15
020 A000010 STANDARD & POORS SECURITIES, INC.
020 B000010 13-2671951
020 C000010 15
021 000000 471
022 A000001 G.X. CLARKE & CO.
022 B000001 13-2969143
022 C000001 442904
022 D000001 553179
022 A000002 PRUDENTIAL SECURITIES INCORPORATED
022 B000002 22-2347336
022 C000002 52574
022 D000002 26052
022 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000003 13-2741729
022 C000003 55857
022 D000003 11431
022 A000004 CHASE SECURITIES, INC.
022 B000004 13-3112953
022 C000004 40008
022 D000004 23417
022 A000005 PAINEWEBBER INCORPORATED
022 B000005 13-2638166
022 C000005 45257
022 D000005 0
022 A000006 AUBREY G. LANSTON & CO. INC.
022 B000006 13-5552129
022 C000006 38899
022 D000006 0
022 A000007 CANTOR FITZGERALD SECURITIES
022 B000007 13-3680187
022 C000007 10241
022 D000007 0
022 A000008 OPPENHEIMER & CO., INC.
022 B000008 13-2798343
022 C000008 2144
022 D000008 0
022 A000009 CHARLES SCHWAB & CO., INC.
022 B000009 94-1737782
022 C000009 1593
022 D000009 0
022 A000010 HERZOG, HEINE, GEDULD, INC.
022 B000010 13-1955436
022 C000010 1549
022 D000010 0
023 C000000 691026
023 D000000 614078
024 000000 Y
025 A000001 CHASE SECURITIES, INC.
025 B000001 13-3112953
<PAGE> PAGE 3
025 C000001 E
025 D000001 71725
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 176339
028 A020000 0
028 A030000 0
028 A040000 129942
028 B010000 272526
028 B020000 0
028 B030000 0
028 B040000 122551
028 C010000 139448
028 C020000 0
028 C030000 0
028 C040000 63175
028 D010000 285031
028 D020000 0
028 D030000 0
028 D040000 153600
028 E010000 199277
028 E020000 0
028 E030000 0
028 E040000 172262
028 F010000 269886
028 F020000 0
028 F030000 0
028 F040000 153676
028 G010000 1342507
028 G020000 0
028 G030000 0
028 G040000 795206
028 H000000 0
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
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
062 I000000 0.0
<PAGE> PAGE 4
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
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
<PAGE> PAGE 5
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 542299
071 B000000 33761
071 C000000 2465538
071 D000000 1
072 A000000 6
072 B000000 808
072 C000000 19836
072 D000000 0
072 E000000 0
072 F000000 3501
072 G000000 3330
072 H000000 0
072 I000000 3792
072 J000000 76
072 K000000 0
072 L000000 69
072 M000000 19
072 N000000 227
072 O000000 0
072 P000000 4
072 Q000000 0
072 R000000 6
072 S000000 10
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 11044
072 Y000000 0
072 Z000000 9600
072AA000000 9214
072BB000000 5188
072CC010000 442055
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 3036
074 B000000 0
074 C000000 65782
074 D000000 0
074 E000000 12712
<PAGE> PAGE 6
074 F000000 2912389
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 5799
074 M000000 247
074 N000000 2999965
074 O000000 16601
074 P000000 739
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2005
074 S000000 0
074 T000000 2980620
074 U010000 76118
074 U020000 0
074 V010000 39.16
074 V020000 0.00
074 W000000 0.0000
074 X000000 72853
074 Y000000 0
075 A000000 0
075 B000000 2504257
076 000000 0.00
077 A000000 N
SIGNATURE MICHAEL S. PETRUCELLI
TITLE ASSISTANT 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-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1971020
<INVESTMENTS-AT-VALUE> 2990883
<RECEIVABLES> 5799
<ASSETS-OTHER> 3283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2999965
<PAYABLE-FOR-SECURITIES> 16601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2744
<TOTAL-LIABILITIES> 19345
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1946896
<SHARES-COMMON-STOCK> 76118
<SHARES-COMMON-PRIOR> 61071
<ACCUMULATED-NII-CURRENT> 9502
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4367
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1019855
<NET-ASSETS> 2980620
<DIVIDEND-INCOME> 19836
<INTEREST-INCOME> 808
<OTHER-INCOME> 0
<EXPENSES-NET> 11044
<NET-INVESTMENT-INCOME> 9600
<REALIZED-GAINS-CURRENT> 4026
<APPREC-INCREASE-CURRENT> 442055
<NET-CHANGE-FROM-OPS> 455681
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36859
<NUMBER-OF-SHARES-REDEEMED> (21811)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1002982
<ACCUMULATED-NII-PRIOR> (98)
<ACCUMULATED-GAINS-PRIOR> 341
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11044
<AVERAGE-NET-ASSETS> 2504257
<PER-SHARE-NAV-BEGIN> 32.38
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> 6.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.16
<EXPENSE-RATIO> .004
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
