UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

SCHEDULE 13G
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.1)




FIRST CAPITAL, INC.
(Name of Issuer)


COMMON STOCK
(Title of Class of Securities)


31942S104
(CUSIP Number)

April 12, 2000
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

	(  Rule 13d-1(b)
	X  Rule 13d-1(c)
	(  Rule 13d-1(d)


The remainder of this cover page shall be filled out for a reporting person's
initial filing of 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).

CUSIP No. 31942S104			13G
Page 2 of 6 Pages

1.	Name of Reporting Persons
	I.R.S. Identification Nos. of above persons (entities only):
	DOUGLAS T. BREEDEN
	S.S.# ###-##-####
2.	Check the Appropriate Box if a Member of a Group*
(a)  (
(b)  (

3.	SEC Use Only

4.	Citizenship or Place of Organization
	UNITED STATES OF AMERICA

Number of                       5.      Sole Voting Power        108,479
Shares
Beneficially                    6.      Shared Voting Power      -0-
Owned by
Each                            7.      Sole Dispositive Power   108,479
Reporting
Person With                     8.      Shared Dispositive Power -0-


9.      Aggregate Amount Beneficially Owned by Each Reporting Person
        126,779

10.     Check if the Aggregate Amount in Row (9) Excludes Certain Shares*
        (

11.     Percent of Class Represented by Amount in Row 9  5.01%

12.     Type of Reporting Person  IN

Item 1 (a)      Name of Issuer:  FIRST CAPITAL, INC.

Item 1 (b).	Address of the Issuer's Principal Executive Offices:

		220 FEDERAL DRIVE NW
		CRORYDON, IN 47112

Item 2 (a).	Name of Person(s) Filing:

		DOUGLAS T. BREEDEN

Item 2 (b).	Address of Principal Business Office, or, if None, Residence:
                SMITH BREEDEN ASSOCIATES, INC.
                100 EUROPA DRIVE, SUITE 200
                CHAPEL HILL, NC 27514

Item 2 (c).     Citizenship:  USA

Item 2 (d).     Title of Class of Securities: COMMON STOCK

Item 2 (e).     CUSIP Number: 31942S104

Item 3.	If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), Check Whether the Person Filing is a:
      (a).(  Broker or dealer registered under Section 15 of the Exchange
      Act.
      (b).(  Bank as defined in Section 3 (a) (6) of the Exchange Act.
      (c).(  Insurance company as defined in Section 3 (a) (19) of the
      Exchange Act.
      (d).(  Investment company  registered under Section 8 of the
      Investment Company Act.
      (e).(  An investment adviser in accordance with Rule 13d-1(b)
      (1) (ii) (E);
      (f).(  An employee benefit plan, or endowment fund in accordance with Rule
     13d-1 (b) (1) (ii) (F),
      (g).(  A parent holding company or control person in accordance with Rule
     13d-1 (b) (ii) (G);
      (h).(  A savings association as defined in Section 3(b) of the Federal
      Deposit Insurance Act;
      (i).(  A church plan that is excluded from the definition of an
      investment company under Section 3 (c) (14) of the Investment Company Act;
     (j). (  Group, in accordance with Rule 13d-1(b) (1) (ii) (J).
     If this statement is filed pursuant to Rule 13d-1 (c), check this box.
     X

Item 4.		Ownership.
     Provide the following information regarding the aggregate number and
     percentage of the class of securities of the issuer identified in Item 1.
     (a). Amount beneficially owned: (See Exhibit A attached hereto)
          126,779
     (b).              Percent of class:
                        5.01%
     (c).              Number of shares as to which such person has:
     (i).              Sole power to vote or to direct the vote:
                        126,779
     (ii).             Shared power to vote or to direct the vote:
                        -0-
     (iii).            Sole power to dispose or to direct the disposition of:
                        126,779

     (iv).             Shared power to dispose or to direct the disposition of:
                        -0-


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 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.


Item 10.	Certifications.

By signing below, I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are not held for the purpose of
or with the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having such purpose or effect.

		SIGNATURE

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.

April 12, 2000
(Date)

(Signature)
Douglas T. Breeden
(Name/Title)


EXHIBIT A

As of December 31, 1999 Smith Breeden Associates, Inc. held 80,590 shares of
the Common Stock of First Capital, Inc. (the "Shares").  Douglas T. Breeden
owned 63% of the voting stock of Smith Breeden Associates, and by virtue of
this ownership owned and had control over the Shares.  Individually,
Douglas T. Breeden owned 27,889 Shares.