<PAGE> PAGE 1
000 B000000 12/31/97
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
015 A000001 MELLON BANK, N.A.
015 B000001 C
015 C010001 PITTSBURGH
015 C020001 PA
015 C030001 15258
015 E030001 X
018 000000 Y
019 A000000 Y
019 B000000 151
019 C000000 DREYFUSFAM
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
020 C000001 93
020 A000002 S.G. WARBURG & CO. INC.
020 B000002 13-3340045
020 C000002 61
020 A000003 HAMBRECHT & QUIST INCORPORATED
020 B000003 94-2856935
020 C000003 31
020 A000004 SANFORD C. BERNSTEIN & CO., INC.
020 B000004 13-2625874
020 C000004 28
020 A000005 ROBERT W. BAIRD & CO. INCORPORATED
020 B000005 39-6037917
020 C000005 25
020 A000006 J.P. MORGAN SECURITIES INC.
020 B000006 13-3224016
020 C000006 25
020 A000007 GOLDMAN, SACHS & CO.
<PAGE> PAGE 2
020 B000007 13-5108880
020 C000007 24
020 A000008 PAINEWEBBER INCORPORATED
020 B000008 13-2638166
020 C000008 20
020 A000009 WEEDEN & CO. L.P.
020 B000009 13-3364318
020 C000009 18
020 A000010 BEAR, STERNS & CO. INC.
020 B000010 13-3299429
020 C000010 18
021 000000 700
022 A000001 G.X. CLARKE & CO.
022 B000001 13-2969143
022 C000001 949679
022 D000001 1410265
022 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000002 13-2741729
022 C000002 188160
022 D000002 33580
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 63608
022 D000003 43614
022 A000004 PAINEWEBBER INCORPORATED
022 B000004 13-2638166
022 C000004 85044
022 D000004 19671
022 A000005 UBS SECURITIES INC.
022 B000005 13-2932996
022 C000005 81222
022 D000005 21422
022 A000006 SANWA SECURITIES (USA) CO. L.P.
022 B000006 13-3046258
022 C000006 93737
022 D000006 0
022 A000007 PARIBAS CORP.
022 B000007 13-3235334
022 C000007 62700
022 D000007 29001
022 A000008 AUBREY G. LANSTON & CO. INC.
022 B000008 13-5552129
022 C000008 40159
022 D000008 0
022 A000009 THE NIKKO SECURITIES CO. INTERNATIONAL, INC.
022 B000009 94-1302123
022 C000009 39243
022 D000009 0
022 A000010 DILLON, READ & CO. INC.
022 B000010 13-1939216
022 C000010 31711
<PAGE> PAGE 3
022 D000010 0
023 C000000 1711907
023 D000000 1563448
024 000000 Y
025 A000001 CHASE SECURITIES, INC.
025 B000001 13-3112953
025 C000001 E
025 D000001 50370
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 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
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
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
071 A000000 787428
071 B000000 18531
071 C000000 1510612
071 D000000 1
072 A000000 12
072 B000000 1720
072 C000000 27441
<PAGE> PAGE 4
072 D000000 0
072 E000000 0
072 F000000 4476
072 G000000 4131
072 H000000 0
072 I000000 4366
072 J000000 120
072 K000000 0
072 L000000 86
072 M000000 36
072 N000000 352
072 O000000 0
072 P000000 22
072 Q000000 0
072 R000000 43
072 S000000 46
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 13690
072 Y000000 0
072 Z000000 15471
072AA000000 4436
072BB000000 149
072CC010000 317935
072CC020000 0
072DD010000 15585
072DD020000 0
072EE000000 3672
073 A010000 0.2600
073 A020000 0.0000
073 B000000 0.0608
073 C000000 0.0000
074 A000000 14978
074 B000000 0
074 C000000 6077
074 D000000 0
074 E000000 8944
074 F000000 1961525
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 4418
074 M000000 311
074 N000000 1996253
074 O000000 0
074 P000000 811
074 Q000000 0
<PAGE> PAGE 5
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 17804
074 S000000 0
074 T000000 1977638
074 U010000 61071
074 U020000 0
074 V010000 32.38
074 V020000 0.00
074 W000000 0.0000
074 X000000 58771
074 Y000000 0
075 A000000 0
075 B000000 1564839
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 NAT'L UNION FIRE INS. CO. OF PITTSBURGH PA
080 B000000 VIGILANT INSURANCE COMPANY
080 C000000 125000
081 A000000 Y
081 B000000 171
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1398742
<INVESTMENTS-AT-VALUE> 1976546
<RECEIVABLES> 4418
<ASSETS-OTHER> 15289
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1996253
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18615
<TOTAL-LIABILITIES> 18615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1399595
<SHARES-COMMON-STOCK> 61071
<SHARES-COMMON-PRIOR> 33050
<ACCUMULATED-NII-CURRENT> (98)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 577800
<NET-ASSETS> 1977638
<DIVIDEND-INCOME> 27441
<INTEREST-INCOME> 1720
<OTHER-INCOME> 0
<EXPENSES-NET> 13690
<NET-INVESTMENT-INCOME> 15471
<REALIZED-GAINS-CURRENT> 4287
<APPREC-INCREASE-CURRENT> 317935
<NET-CHANGE-FROM-OPS> 337693
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15585)
<DISTRIBUTIONS-OF-GAINS> 3672
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102660
<NUMBER-OF-SHARES-REDEEMED> (75179)
<SHARES-REINVESTED> 538558
<NET-CHANGE-IN-ASSETS> 1132141
<ACCUMULATED-NII-PRIOR> 124
<ACCUMULATED-GAINS-PRIOR> (342)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4476
<INTEREST-EXPENSE> 11
<GROSS-EXPENSE> 13690
<AVERAGE-NET-ASSETS> 1564839
<PER-SHARE-NAV-BEGIN> 25.58
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 6.87
<PER-SHARE-DIVIDEND> (.26)
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.38
<EXPENSE-RATIO> .009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>