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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No.: *
Name of Issuer: Duff & Phelps Credit
Title of Class of Securities: Common Stock
CUSIP Number: 26432F109
Check the following line if a fee is being paid with this
statement. (A fee is not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Robert Horwitz
SS #: ###-##-####
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
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4. Citizenship or Place of Organization
U.S.A.
Number of Shares Beneficially Owned by Each Reporting Person
With:
5. Sole Voting Power:
6. Shared Voting Power:
275,100
7. Sole Dispositive Power:
8. Shared Dispositive Power:
275,100
9. Aggregate Amount Beneficially Owned by Each Reporting Person
275,100
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares
11. Percent of Class Represented by Amount in Row (9)
5.2%
12. Type of Reporting Person
IN
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
RH Capital Associates
Tax ID#: 22-3033645
2. Check the Appropriate Box if a Member of a Group
a.
b.
3. SEC Use Only
4. Citizenship or Place of Organization
Sole proprietor is a U.S. citizen
Number of Shares Beneficially Owned by Each Reporting Person
With:
5. Sole Voting Power:
6. Shared Voting Power:
7. Sole Dispositive Power:
8. Shared Dispositive Power:
275,100
9. Aggregate Amount Beneficially Owned by Each Reporting Person
275,100
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares
11. Percent of Class Represented by Amount in Row (9)
5.2%
12. Type of Reporting Person
OO
Item 1(a) Name of Issuer: Duff & Phelps (the "Company")
(b)Address of Issuer's Principal Executive Offices:
55 East Monroe Street
35th Floor
Chicago, Illinois 60603
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Item 2(a) - (c). Name, Principal Business Address, and
Citizenship of Persons Filing:
The principal address of Robert Horwitz, a U.S. citizen,
and RH Capital Associates ("RHC"), a sole proprietorship of which
Mr. Horwitz is the owner, is 55 Harristown Road, Glen Rock, New
Jersey 07452.
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: 26432F109
Item 3. If this Statement is filed pursuant to Rules 13d-1(b),
or 13d-2(b), check whether the person filing is a :
Not Applicable
Item 4. Ownership.
Mr. Horwitz and RHC each beneficially owns 275,100
shares of the Company's Common Stock (representing approximately
5.2% of the outstanding shares of such Common Stock). Each of
Mr. Horwitz and RHC possesses the power to vote, direct the vote,
dispose of and direct the disposition of all shares beneficially
owned by each.
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Not Applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported by the Parent Holding
Company.
Not Applicable.
Item 8. Identification and Classification of Members of the
Group.
Not Applicable.
Item 9. Notice of Dissolution of the Group.
Not Applicable.
Item 10.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
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acquired in the ordinary course of business and were not acquired
for the purpose and do not have the effect of changing or
influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any
transaction having such purpose or effect.
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
March 11, 1997
Date
/s/ Robert Horwitz
_____________________________
Robert Horwitz
RH Capital Associates
By: /s/ Robert Horwitz
_____________________________
Robert Horwitz
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42255001.AB5
