May 23, 1997
                      DREYFUS NEW LEADERS FUND, INC.
                        SUPPLEMENT TO PROSPECTUS
                            DATED MAY 1, 1997
        EFFECTIVE JUNE 1, 1997, THE FOLLOWING INFORMATION SUPERSEDES ANY 
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
        The Telephone Redemption Privilege is granted automatically unless 
you specifically refuse it by checking the applicable "No" box on the Account 
Application. The Telephone Redemption Privilege may be established for an 
existing account by a separate signed Shareholder Services Form or by oral 
request from any of the authorized signatories on the account by calling 
1-800-645-6561.
                                                                    085s052397



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