Exhibit 23.1


    The Board of Directors
    Arrow Financial Corporation:

    We consent to incorporation by reference in the registration
    statement on Form S-8 of Arrow Financial Corporation relating
    to the Arrow Financial Corporation Directors' Stock Plan, of our
    report dated January 22, 1999, relating to the consolidated
    balance sheets of Arrow Financial Corporation and subsidiaries as
    of December 31, 1998 and 1997, and the related consolidated
    statements of income, changes in shareholders' equity and cash
    flows for each of the years in the three-year period ended
    December 31, 1998, which report appears in the December 31,
    1998 annual report on Form 10-K of Arrow Financial
    Corporation.


    /s/ KPMG LLP
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    KPMG LLP

    Albany, New York
    June 23, 1999