UNITED STATES
                 SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, D.D. 20549

				 SCHEDULE 13G
		   Under the Securities Exchange Act of 1934
			      (Amendment No. 2)*

       DILLARD DEPARTMENT STORES INC      
      -------------------------------------------------------------------
			       (Name of Issuer)
       COMMON STOCK
 -------------------------------------------------------------------
			(Title of Class of Securities)

       25406310-0
      -------------------------------------------------------------------
				(CUSIP Number)


Check the following 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 susequent 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).



			  SEC 1745 (10-88)     
    
 
 
|______________________
|CUSIP No. 25406310-0  |          SCHEDULE 13G                      
|----------------------------------------------------------------------------
|1.   Name of Reporting Person                                              
|     S.S. or I.R.S. Identification No. of Above Person                     
|     ARK ASSET MANGEMENT CO., INC.                                        
|                                                                          
|----------------------------------------------------------------------------
|2.   Check the Appropriate Box if a Member of a Group *         (a) 
|                                                                (b)  
|----------------------------------------------------------------------------
|3.   SEC Use Only                                                             
|----------------------------------------------------------------------------
|4.   Citizenship or Place of Organization                           
|
|                        New York  
|     
|-----------------------------------------------------------------------------
|                |
|                |         5. Sole Voting Power
|                |            NONE                            
|Number Of Shares|____________________________________________________________
|                |                                                           
|                |         6. Shared Voting Power 
|Beneficially    |            NONE                                        
|                |____________________________________________________________
|  Owned By      |          
|                |         7. Sole Dispositive Power
|                |            NONE
|  Each          |____________________________________________________________
|                |
| Reporting      |         8. Shared Dispositive Power             
|  Person        |                 
|                |            NONE 
|  With          |
|-----------------------------------------------------------------------------
|9.  Aggregate Amount Beneficially Owned by Each Reporting Person            
|
|                             NONE                        
|-----------------------------------------------------------------------------
|10.  Check if the Aggregate Amount in Row (9)                        
|     Excludes Certain Shares*                          
|
|
|-----------------------------------------------------------------------------
|
|11.  Percent of Class Represented by Amount in Row 9                       
|                            NONE                                       
|-----------------------------------------------------------------------------  
|                                                                          
|12.  Type of Reporting Person*                                              
|                                                                         
|                             I.A.                                    
| ---------------------------------------------------------------------------- 

			      *See Instruction Before Filling Out
				      
				   Page 2 of 5 Pages       
  



 The filing of this statement shall not be construed as an admission that Ark
 Asset Management Co., Inc. is the beneficial owner of the securities covered
 by such statement.
										
ITEM 1           (a).  Name of Issuer                              
                       DILLARD DEPARTMENT STORES INC.
											
ITEM 1           (b).  Address of Issuer                        											 
                       1600 CANTRELL ROAD
                       P.O. BOX 486
                       LITTLE ROCK, AR 72203

ITEM 2           (a).  Name of Person Filing                       
										
                       ARK ASSET MANAGEMENT CO., INC.
							
ITEM 2           (b).  Address of Principal Business Office
                       125 BROAD STREET
                       NEW YORK, N.Y. 10004
									
ITEM 2           (c).  Place of Organization.                       					      
                       NEW YORK
											          
ITEM 2           (d).  Title of Class of Securities               
                       Common Stock
											
											
ITEM 2           (e).  Cusip Number                              
                       25406310-0
											
											
ITEM 3.          (a) Ark Asset Management Co., Inc. is an investment
                     advisor registered under Section 203 of the
                     Investment Advisers Act of 1940.
											
ITEM 4.                 Ownership                                        

             (a) Amount Beneficially owned NONE
             (b) Percent of Class:  NONE



				    Page 3 of 5 Pages






             (c) Number of shares as to which such person has:


               (1) Sole power to vote:  NONE
		    
               (2) Shared power to vote:     NONE
			     
               (3) Sole power to dispose of or to direct
               the disposition of: NONE
			     
               (4) Shared power to dispose or to direct the
               disposition of:   NONE
								
ITEM 5.  Ownership of Five Percent or Less of a Class
        		
         The reporting person owns less than 5% of this
         class of security
																					
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 on 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 Group                                  

      			Not Applicable                                               

					Page 4 of 5